Burke also received a 5 percent tax-equalization clause to offset Canadian taxes.

For example, the company will be able to use past losses to offset taxes.

The remaining amount can be carried forward 20 years to offset future taxes.

It gave the city $1.7 million to offset lost taxes and agreed to continue its annual $120,000 United Way contribution for three more years.

But if the home qualifies as an investment property the losses can be used to offset taxes.

The new law allows them to "carry back" current losses to offset taxes paid in profitable years.

It could also be used to raise revenue to offset other taxes.

The shelter involved using partnerships to create artificial losses that were then used to offset taxes due on legitimate income.

The credits are booked when banks set aside money for potential losses that can also be used to offset taxes on profits.

By so doing, the loss could be used to offset taxes on the profitable investment, rather than having to carry the loss forward.