The bill is H.R. 3548.
The House passed the bill yesterday and the President is expected to sign it today.
You should consult your tax advisor immediately, as this bill provides for immediate tax refunds on taxes that your business has paid over the immediate 5 years, instead of the the usual 2 years for the tax period 2008 OR 2009 (not both!) There are other terms regarding the fifth year that we will not get into here.
The existing law per the stimulus bill only allowed for losses incurred in 2008, the language that PMPA worked to get passed added coverage for 2009.
Thanks to all who responded to our Action Alert October 23. Your action and support of this important provision has made a difference!
Tag: H.R. 3548