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The New York Observer

Obama Tax Change Likely To Benefit Developers

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January 6, 2009 | 10:18 a.m.

From the Wall Street Journal's Jesse Drucker: "The main business tax cuts proposed by President-elect Barack Obama are likely to be a windfall for two industries particularly tied to the current economic meltdown: Wall Street investment banks and home builders. Under the proposal being crafted by the incoming Obama administration and congressional Democrats, companies would be able to use their so-called tax losses to offset taxable U.S. profits earned in the past five years.Typically, companies can carry back such losses only two years."

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