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Hovnanian to get tax benefit in 1Q, 2Q of 2010
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RED BANK, N.J. - Homebuilder Hovnanian Enterprises Inc. said Tuesday a change in tax law would now allow it to spread its 2009 operating loss over five previously profitable years and give it a tax benefit and gain in the first half of fiscal 2010.
The changes will also result in a tax benefit in the first quarter and a cash refund of $250 million to $275 million in the second quarter of fiscal 2010.
Hovnanian is based in Red Bank, N.J. Its shares fell 9 cents, or 2.2 percent, to $4.10 in midday trading.
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