- April 13, 2009
WASHINGTON, DC | Printing Industries of America (PIA) has released a letter to Capitol Hill urging enactment of key tax relief that was significantly scaled back in the final $787 billion stimulus measure. Presidents and CEOs of printing and graphic communications companies across the country have joined with other manufacturers to call for Congress to pass legislation extending the net operating loss carry back period to five years for 2008 and 2009.
The two identical letters sent April 1 are addressed to Democratic and Republican leadership and to the chairmen and ranking members of the tax-writing committees. The relief needed is the same as proposed in President Obama’s fiscal year 2010 Budget and was included in the Senate-passed stimulus bill. However, the final stimulus bill enacted into law provided a five-year carry back for 2008 net operating losses limited to companies with annual gross receipts of $15 million or less.
Expanding the legislation would allow companies to carry back losses to previously profitable years in order to decrease their present tax burden. Extension of the provision to five years would quickly provide cash to printing companies, ultimately resulting in keeping print plants open, saving jobs, and making investments.