An amendment to the Senate tax extenders bill introduced by Sen. Bill Nelson, D-Fla., would allow fishing and tourism-related businesses, including recreational boating businesses, an extended net operating loss carryback period from the current two years to five years for tax-year 2010, the National Marine Manufacturers Association reports.
This means that tourism-related businesses in the Gulf would be able to amend their tax returns to get a refund for taxes paid in profitable years if they are in a loss position as a result of the oil spill.
The NMMA strongly supports this amendment and said "this proven, quick and timely tax relief would provide crucial capital for companies in the Gulf negatively impacted by the oil spill as they await fulfillment of claims by BP."
For information, contact Mat Dunn at (202) 737-9760.
Click here to read the NMMA's letter of support to Sen. Nelson.