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Washington Mulls Corporate Tax BreakWashington Mulls Corporate Tax Break
<a href="http://www.boston.com/business/articles/2008/01/24/business_tax_break_considered">The Boston Globe</a>, <a href="http://www.nytimes.com/2008/01/24/washington/24fiscal.html?_r=1&oref=slogin">The New York Times</a>
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Companies in the red following years of profits stand to benefit from an emergency tax break under consideration by President Bush and lawmakers.The provision, part of a greater economic stimulus plan, extends the time frame that companies could retroactively deduct net operating losses against earlier profits from two years to five. In a nutshell, that means companies would be able to claim refunds on taxes paid on profits from 2003 to 2007.
The economic rescue package could be approved by mid-February and would be sufficient to forestall a recession, according to The New York Times.
As of Wednesday, "everything remains on the table," said Rep. Charles Rangel of New York, and chairman of the tax-writing House Ways and Means Committee, in a statement.
A similar plan went into effect temporarily six years ago, following the Sept. 11, 2001, terrorist attacks.The Boston Globe, The New York Times
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