AMERCO Gets an Income Tax Benefit of $146 Mil Due To The US CARES Act

U-Haul Company AMERCO is headquartered in Reno, Nevada.  It received a US federal income tax benefit of $146 mil 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 AMERCO's income tax footnote to its Annual 10-K for its Fiscal Year Ended March 31, 2020:

"Federal NOLs from fiscal years 2018, 2019 and 2020 have been carried back to prior tax years as provided by the CARES Act.   The statutory tax rate for the carryback years was 35% as compared to 21% at present.   Consequently, we recognized a benefit amount of $ 146.0 million for fiscal year 2020.   It is possible future legislation could reduce or delay our ability to carryback these losses."

By the above last sentence, it almost sounds like they think that the $146 mil income tax benefit is so large for the size of their company that they don't think it will stand.  Just Saying.