James Hardie Industries plc is a Foreign Corporation headquartered in Dublin, Ireland. It will be receiving US$87.6 mil in US Income Tax Refunds due to the US CARES Act.
Because it has a March fiscal year end, it has already filed with the US SEC its audited financial statements and footnotes for its Fiscal Year Ended March 2020.
The quote below is from James Hardie Industries plc's income tax footnote to its Annual 20-F for its Fiscal Year Ended March 31, 2020:
" The US Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in March 2020 providing wide ranging economic relief for individuals and businesses. One component of the CARES Act provides the Company with an opportunity to carryback US net operating losses (“NOLs”) arising during the years ended 31 March 2019 and 2020 to the prior five tax years. The Company has previously valued its NOLs at the US federal corporate income tax rate of 21%. However, the provisions of the CARES Act provide for NOL carryback claims to be calculated based on a rate of 35%, which was the US federal corporate tax rate in effect in the carryback years. The Company intends to utilize these carryback provisions to obtain an estimated refund of US$87.6 million."
