NJECPAC & NJ-IEC Partnering to Protect You And Your Business

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New Jersey, United States
NJECPAC is a Continuing Political Committee (CPC). A CPC is any group of two or more persons acting jointly, or any corporation, partnership, or any other incorporated or unincorporated association, civic association or other organization, which in any calendar year contributes to aid or promote the candidacy of an individual, or the candidacies of individuals, for elective public office, or the passage or defeat of a public question or public questions, lobby for the passage or defeat of certain legislative bills introduced in the NJ Legislature in accordance with N.J.S.A. 19:44A-8(b). A CPC is frequently referred to as Political Action Committee (PAC). The NJECPAC was formed to provide funding for legislative initiatives of its members and its member organizations representing the interests of Electrical Contractors, Small Businesses and Taxpayers throughout the State of New Jersey.

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Thursday, May 6, 2010

Businesses May Utilize Net Operating Losses For Tax Refund

As a result of the economic downturn, many businesses generated net operating losses (“NOLs”) for federal income tax purposes for their 2008 and 2009 taxable years.

The Worker, Homeownership, and Business Assistance Act (“WHBAA”), enacted in November 2009, expanded the ability of taxpayers to carry back these NOLs to offset income from prior tax years.

Many taxpayers will be able to take advantage of this legislation to obtain tax refunds.
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