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

Business Wire, Nov 06, 2009

WASHINGTON -- “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.

Please note: Richard A. Smith is available for media interviews regarding the extension and expansion of the homebuyer tax credit. To schedule interviews, please contact Kirk Monroe at (202) 496-3269.

Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay more than 60 percent of all corporate income taxes paid to the federal government. Annually, they return more than $167 billion in dividends to shareholders and the economy.

Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $111 billion in annual research and development spending – nearly half of all total private R&D spending in the U.S.

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