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S 293 IS
111th CONGRESS
1st Session
S. 293
To provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.
IN THE SENATE OF THE UNITED STATES
January 21, 2009
Mr. SPECTER introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. CARRYBACK OF CERTAIN NET OPERATING LOSSES ALLOWED FOR 5 YEARS; TEMPORARY SUSPENSION OF 90 PERCENT AMT LIMIT.
(a) In General- Subparagraph (H) of section 172(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows:
(b) Temporary Suspension of 90 Percent Limit on Certain NOL Carrybacks and Carryovers-
(1) IN GENERAL- Section 56(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
‘(3) ADDITIONAL ADJUSTMENTS- For purposes of paragraph (1)(A), the amount described in clause (I) of paragraph (1)(A)(ii) shall be increased by the amount of the net operating loss deduction allowable for the taxable year under section 172 attributable to the sum of--
‘(A) carrybacks of net operating losses from taxable years beginning or ending during 2007, 2008, and 2009, and
‘(B) carryovers of net operating losses to taxable years beginning or ending during 2007, 2008, or 2009.’.
(2) CONFORMING AMENDMENT- Subclause (I) of section 56(d)(1)(A)(i) of such Code is amended by inserting ‘amount of such’ before ‘deduction described in clause (ii)(I)’.
(c) Anti-Abuse Rules- The Secretary of the Treasury or the Secretary’s designee shall prescribe such rules as are necessary to prevent the abuse of the purposes of the amendments made by this section, including anti-stuffing rules, anti-churning rules (including rules relating to sale-leasebacks), and rules similar to the rules under section 1091 of the Internal Revenue Code of 1986 relating to losses from wash sales.
(d) Effective Dates-
(1) SUBSECTION (a)-
(A) IN GENERAL- Except as provided in subparagraph (B), the amendments made by subsection (a) shall apply to net operating losses arising in taxable years beginning or ending in 2007, 2008, or 2009.
(B) ELECTION- In the case of a net operating loss for a taxable year beginning or ending during 2007 or 2008--
(i) any election made under section 172(b)(3) of the Internal Revenue Code of 1986 may (notwithstanding such section) be revoked before November 1, 2009, and
(ii) any election made under section 172(j) of such Code shall (notwithstanding such section) be treated as timely made if made before November 1, 2009.
(2) SUBSECTION (b)- The amendments made by subsection (b) shall apply to taxable years ending after December 31, 2006.
U.S. Congress - Text of S.293 as Introduced in Senate A bill to provide for a 5-year carryback of certain net operating losses and to suspend...
