Last week we reported that State Comptroller Susan Combs would be offering a Second Chance to Preserve Business Loss Carryforwards. Earlier the Comptroller issued a letter to taxpayers asking for additional information in order to preserve the temporary tax credits allowed for taxpayers with loss carryforwards from the old franchise tax (before the margin tax). The original letter had an October 31, 2011 deadline.
The Comptroller’s website now includes specific notice that taxpayers who have not responded by Oct. 31 will get another opportunity. See Important Information to Ensure Franchise Taxpayers Keep Their Temporary Credit.