House ignores Obama's homebuilder tax break

NEW YORK - Democrats in the House of Representatives did not include in their budget proposal a request by President Barack Obama to expand a key tax break sought by struggling homebuilders
The provision under Obama's fiscal 2010 budget proposal would expand the "net operating loss carryback" window, which enables businesses to use recent losses to offset taxable profits from previous tax years.
Obama's budget did not offer specific details about how the break would apply or which businesses would qualify, but the revenue estimates suggest it would apply to all businesses and they could carry back losses from 2008 and 2009.
The builders almost succeeded in getting the expansion included in the $787 billion stimulus package approved last month, but Congress ultimately limited the break to small businesses with gross receipts of $15 million or less.
The National Association of Home Builders is actively lobbying for an expanded provision that would apply to businesses of any size, NAHB Chief Executive Jerry Howard told Reuters.