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Key Textile Provision Dropped From Tax Bill

Key Textile Provision Dropped From Tax BillThe final version of the Bush administrations $350-billion tax cut bill failed to include an extension of the five-year net operating loss carry back (NOL), which has been so important to textile manufacturers during this period of economic distress. The current NOL law, enacted last year, permits companies to "carry back" for five years their net operating losses from 2001 and 2002. This would allow them to get refunds of taxes paid in earlier, more profitable years. The American Textile Manufacturers Institute (AMTI) had urged Congress to extend the NOL for another two years to cover losses in 2003 through 2005. While the extension was included in the House version of the bill, it was not included in the Senate version, and the provision was dropped in a House-Senate conference. Neither body approved proposals to permit more liberal tax deductions for research and development investments.The final version of the bill, signed by President Bush on May 28, does have some provisions that will benefit business in general. It provides an additional first-year depreciation deduction equal to 50 percent of the adjusted base of "qualfied property." Qualified property was defined in the Job Creation and Workers Assistance act of 2002. The reduced tax rates for capital gains and dividends are expected to benefit some companies, although the major effect will be on individual taxes.By James A. Morrissey, Washington Correspondent June 2003




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