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Councilman Fleming to Discuss Net Operating Loss (NOL) Resolution

Thursday March 31, 2011

Louisville Metro Council
Media Advisory
FOR IMMEDIATE RELEASE    
MEDIA CONTACT: STEPHEN HAAG, JR.
574-1204 / 645-1752

Louisville, KY; Metro Councilman Ken Fleming (District 7) will be joined by Mark F. Sommer (Chairman of Tax Practice Group for Greenebaum Doll & McDonald PLLC), John Chilton (Chilton & Medley and Chair of GLI Tax Advisory Committee), and Paula Weyler George (Vice President, Business Development, Specialty Tool & Machine Co., Inc.) as he outlines his resolution requesting a change by the Kentucky General Assembly to allow for uniform usage of net operating losses for those filing Louisville Metro’s Form OL-3. This presentation will occur at 5 p.m. on Thursday, March 31 during the Metro Council’s Budget Committee meeting.

“Louisville Metro, as well as Kentucky, needs to change the tax code to foster business growth. Allowing businesses to leverage their losses for reinvestment opportunities will signal that Louisville is open for business expansion and attraction. Passage of a Net Operating Loss (NOL) policy will help improve Louisville’s economic competitiveness and provide the needed fuel for Kentucky’s largest economic engine. I look forward to presenting to the Budget Committee members, a grassroots solution to benefit Louisville businesses and those seeking employment.”   – Ken Fleming, District 7 Metro Council

The resolution requests the Commonwealth of Kentucky’s General Assembly to modify KRS 67.750 (Section 8) to allow businesses the ability to apply loss income against future income. Both Federal and State government allow these losses to offset profit in future years. Once enacted, this change in Louisville Metro’s tax structure will help businesses recover more quickly thereby hiring employees to reduce Louisville’s unemployment rate. Councilman Fleming submitted this resolution after months of research and after numerous meetings with local business leaders and job creators.

A copy of the resolution and background information on this resolution are attached to this e-mail. For more information on the NOL resolution please contact Stephen Haag at 574-1204.

Sponsor:
Ken Fleming (R) 7