Washington, Nov 6 -

U.S. Congressman Pat Tiberi (R-OH) today announced legislation he and U.S. Congressman Richard Neal (D-MA) introduced to provide temporary and limited tax relief to help struggling businesses retain and create more jobs was included in the Unemployment Insurance Extension bill signed into law by President Barack Obama.  The Neal-Tiberi measure allows businesses to “carry back” current losses to offset taxes paid in profitable years, providing needed cash for struggling businesses.  Congressmen Neal and Tiberi are the Chairman and Ranking Member, respectively, of the Ways & Means Subcommittee on Select Revenue.

“When it comes down to it, this measure is about saving and creating jobs,” said Congressman Tiberi, the Ranking Member on the Ways & Means Select Revenue Subcommittee.  “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.”

Currently companies can ‘carry back’ their net-operating losses in 2008 for two years. The Neal-Tiberi measure expands the provision for losses in 2008 and 2009 and allows businesses a five-year carry back period.  The measure has received praise from a wide spectrum of American businesses and organizations like the National Association of Manufacturers and the National Retail Federation.

The measure included in the final version Unemployment Insurance Extension bill, H.R. 3548 passed the Senate overwhelmingly on November 4, 2009 by a vote of 98-0 and passed the House on November 5, 2009 by a vote of 403-12.