Advertisement

Tiberi helped on provision to save retailers on taxes
Sunday,  November 8, 2009 5:58 AM
Rep. Pat Tiberi was among a bipartisan group of lawmakers who wrote a $10 billion tax-relief measure into the unemployment-benefits extension approved by Congress last week and signed into law by President Barack Obama.

The Genoa Township Republican co-wrote an arcane-sounding provision with Democratic Rep. Richard E. Neal of Massachusetts granting "carry back" tax privileges to businesses. Essentially what that means is that businesses can apply current losses to their tax returns for past, profitable years. It applies to 2008 and 2009 losses, which can be carried back, tax-wise, for five years rather than the two years currently allowed.

The net effect is to pump more than $10 billion worth of cash back into the pockets of strapped retailers and other businesses nationwide, helping them finance operations and keep employees, the National Retail Federation said.

Tiberi and Neal are members of the tax-writing House Ways and Means Committee. In the Senate, the measure was written by Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, and GOP Sen. Olympia J. Snowe of Maine, also a committee member.

"When it comes down to it, this measure is about saving and creating jobs," Tiberi said.

"The limited and temporary expansion included in our measure provides businesses with the cash infusion they need to make payroll and keep their doors open while our economy recovers."



Story tools

---- Advertisement ----

Visitors’ Guide

Just because the Cherry Blossom festival is over doesn't mean spring fever is over in D.C. The National Mall is still a beautiful place to wander, and so are places like Rock Creek Park, a bit out of the downtown area.

More visitor information


Multimedia

Audio Podcasts