us genworth financial tax benefit 111209
On the homepage
Health care
Out There
Crimefighting
Mental health
Genworth Financial expects $85M tax benefit from new federal legislation
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
RICHMOND, Va. - Insurance company Genworth Financial Inc. said Thursday it expects to recover about $85 million in federal income taxes it has paid.
The refund is due to recently enacted legislation, the company said.
The exact amount of the recovery will be determined by results for the remainder of this year, with any statutory tax benefit being recorded in the fourth quarter of 2009.
The legislation expands the carryback period for certain net operating losses to five years from two years.
Most of the recovery will benefit the U.S. Mortgage Insurance business, and is expected to reduce the regulatory risk-to-capital ratio by 0.5 to 1.0 points by year-end 2009.
Genworth shares fell 43 cents, or 3.7 percent, to close at $11.17.
Recent Business stories
Overstock says it received listing rule violation letter from Nasdaq related to 3rd-qtr report - November 12, 2009
Overstock says it received listing rule violation letter from Nasdaq related to 3rd-qtr report - Overstock.com Inc. said Friday that it received a listing rule violation letter Thursday from the Nasdaq Stock Market related to the recent filing of its third-quarter report. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments