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Business Roundtable Commends President Obama’s Signing of Homebuyer Tax Credit Extension and Five-Year NOL ‘Carryback’ Expansion

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RISMEDIA, November 10, 2009—“The members of Business Roundtable commend President Obama and an overwhelming bipartisan majority in Congress for enacting legislation to extend and expand the federal homebuyer tax credit. This vital program is the right type of action for our nation. With more than one-fifth of our economy tied to industries related to housing and real estate, a boost to this sector will create a cascade effect on the rest of the economy, spurring job creation and hastening broad recovery for U.S. homeowners, workers and companies. 

“Policymakers should also be lauded for working successfully to expand the five-year net operating loss ‘carryback’ period for companies – essential tax relief that will increase liquidity and allow companies to make new investments, sustain R&D and maintain and create U.S. jobs. 

“Timely, temporary and effective, these measures are exactly the sort of fiscally responsible stimulus action we need to ensure long-term U.S. economic growth. We are encouraged by the swift action by President Obama and the House of Representatives following the Senate’s passage, and look forward to similar bipartisan measures in the future that can nurture and sustain the young roots of recovery,” said Richard A. Smith, president and CEO of Realogy Corporation and Chair of Business Roundtable’s Housing Working Group. 

For more information, visit www.businessroundtable.org

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