U.S. Congress - S.1937 A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operat...
S.1937 - A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes.
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- Official: A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes. as introduced.
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Official Summary
10/27/2009--Introduced.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 governmentOfficial Summary
10/27/2009--Introduced.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. Directs the Secretary of the Treasury to make transfers to the general fund to cover reductions in revenues resulting from this Act.
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