Two U.S. senators introduced legislation on Thursday to expand a key tax break sought by struggling homebuilders that have been hit hard by the collapse of the U.S. housing market.
Democratic Senator Max Baucus, who heads the tax-writing Senate Finance Committee, and Republican Senator Olympia Snowe offered the measure to expand the "net operating loss carryback" window to almost any company.
The legislation would enable companies with losses in 2008 and 2009 to carry back those losses to offset taxes over the previous five years when they were profitable, according to the lawmakers. Current law permits a two-year carryback of losses.
Comment: I have one better, repeal the 16th and 17th Amendments and the home builders will be infinitely better off, as will the United States.