PMAA Urges Congress To Maintain NOL Tax Changes
Last Monday, PMAA joined the National Mining Association and other associations in a letter to encourage the Senate Finance Committee to maintain the CARES Act provision concerning net operating losses (NOL) despite efforts to change that provision.
Congress included changes to the tax rules for NOLs in the CARES Act by providing a five-year carryback for NOLs generated in 2018, 2019, or 2020.
In addition, the Act suspends for 2018, 2019, and 2020 the otherwise applicable limitations on excess business losses for noncorporate taxpayers.
The NOL carryback provisions have long been bipartisan tools utilized by lawmakers to provide liquidity and are routinely expanded during times of economic dislocation.
PMAA urged Congress to protect American jobs by preserving the NOL carryback and suspension of limitation of excess business loss provisions contained in the CARES Act.