The Honorable Bill Nelson
U.S. Senate
716 Hart Senate Office Building
Washington, DC 20510

Dear Senator Nelson,

On behalf of the independent bait and tackle shops in the Gulf of Mexico, thank you for introducing legislation that will allow charter fishing and tourism-related businesses along the Gulf Coast to carryback for 5 years business losses related to the Deepwater Horizon oil spill. We support the legislation, as it will provide critical relief to Gulf Coast businesses suffering dramatic losses as a result of the spill. 

Big Rock Sports, LLC is a wholesale sporting goods distributer that services more than 15,000 independent hunting and fishing retailers in all fifty states. We have witnessed firsthand how the 2,300 bait and tackle shops located in the Gulf of Mexico region have suffered due to the oil spill. For example, one dealer recently told me that last May he purchased $36,000 in fishing tackle from Big Rock Sports and this May, his total purchases are just $650. In addition, many dealers tell us they only have 3-4 weeks before they may be forced to close their doors permanently - through no fault of their own.

Therefore, your legislation will provide critical relief in the long-term for these small businesses. The extended carryback period will help them survive this catastrophic event.  Taxpayers suffering severe economic losses through no fault of their own can receive a capital infusion by amending prior income tax returns and receiving a refund of past taxes paid. In addition, a safe harbor provision will allow Gulf Coast fishing and tourism-related businesses with $5 million or less in revenue to treat their operating losses as attributable to the spill. 

While assessing and mitigating the disastrous ecological effects are paramount, the economic impacts cannot be ignored. Recreational fishing contributes $41 billion dollars in economic output in the Gulf Coast region annually and supports over 300,000 jobs. The Gulf of Mexico is one of the most popular areas for recreational fishing in the United States with nearly six million saltwater anglers taking over 45 million fishing trips each year, fishing for red drum, spotted seatrout, sheepshead and red snapper among others.

Thank you for all your efforts on behalf of small businesses, our customers, throughout the region.

Sincerely,

Ed Small, President and CEO

cc: Ryan McCormick
Gary Zurn