Official Summary

5/15/2009--Introduced.Net Operating Loss (NOL) Carryback Act - Amends the Internal Revenue Code to allow a five-year carryback of net operating losses, including the operating losses of life insurance companies, incurred in 2008 and 2009. Denies such extended loss carryover period to: (1)

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Official Summary

5/15/2009--Introduced.Net Operating Loss (NOL) Carryback Act - Amends the Internal Revenue Code to allow a five-year carryback of net operating losses, including the operating losses of life insurance companies, incurred in 2008 and 2009. Denies such extended loss carryover period to:
(1) taxpayers in whom the federal government acquires an equity interest under the Emergency Economic Stabilization Act of 2008;
(2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); and
(3) members of certain affiliated groups.

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