Porkulus did allow actual cash payments for losses... but in the traditional sense, a company could claim a tax benefit in loss years to offset profit in future years. But here is the kicker, some of those tax benefits are the result of "Profit difference between accrual and tax reporting"- meaning, yous showed Wall Street a profit but showed Uncle Sam a loss. So ultimately, the company gets a payment in the form of lower taxes in profit years.
Agreed. Giant corporations like GE have the most convoluted financial and tax statements and it is almost impossible to discern what really is going on with them. The $3.2 billion number CANNOT be called “Taxpayer money” however.
I missed your cool post before asking my question. Thanks for an informed response to the issue.