Hovnanian Enterprises (HOV) Sees Tax Refund of $250-$275M
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Hovnanian Enterprises, Inc. (NYSE: HOV) said that due to a recent change in tax legislation, the Company can now carryback its anticipated 2009 net operating loss five years to previously profitable years that were not available to the Company for carryback prior to the new tax legislation. The Company anticipates recording a tax benefit in the first quarter of 2010 and receiving a federal income tax cash refund of approximately $250 million to $275 million during its second quarter of fiscal 2010.
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