Financial Services Industry
Still Making a Run at 5-Year NOL

Congress Daily PM reports today that the financial services sector (SIFMA, ABA and the Financial Services Roundtable, in particular) are still making a push for five-year net operating loss carryback for their industries.

Companies receiving TARP funding (including many financial institutions) are barred from using a 5-year NOL carryback rule (they are stuck with a 2-year carry-back).  Even if a company didn't receive a bailout, they are ineligible if their revenues are more than $15 million.

More to come on this as it continues to develop.

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