Tax breaks for small businesses proposed
WASHINGTON — Gulf Coast U.S. senators, including Mississippi Republicans Thad Cochran and Roger Wicker, are co-sponsoring legislation giving a tax break to small businesses in Mississippi, Florida, Alabama and Louisiana hurt by the oil spill.
Sen. Bill Nelson, D-Fla., has offered an amendment to a small-business lending bill to extend the net operating loss carryback period to five years from the current two years for losses related to the spill from the April 20 explosion of the Deepwater Horizon rig.
“Mississippi businesses on the Coast began experiencing losses well before the appearance of oil on our shores,” said Cochran. “The immediate and long-term losses we will experience warrant consideration of tax breaks and other steps that may help businesses survive during the cleanup of this disaster.”
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6/30/10
Sun Herald
Magnolia Tribune
