Overview
Law360 quoted George Callas in a May 15 article titled "House Dems Push Back on NOL Flexibility in Virus Relief Bill." The article discusses how Democrats and Republicans in Congress continue to debate how much corporations should benefit from coronavirus relief efforts. In many cases, the CARES Act reversed provisions of the Tax Cuts and Jobs Act (TCJA).
Callas says the TCJA was devised in a way that disadvantaged companies experiencing losses. "The TCJA included a lot of pay-fors that disproportionately impacted loss companies," Callas says. "The economy had been booming for years, and Congress just wasn't thinking about a scenario where you have lots of companies with legitimate economic losses, and the impact those provisions would have."
The full article can be read at Law360 (subscription required). Callas was also cited on this issue in Politico Morning Tax.
