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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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/26/09
 
 
 
 
 
 
 

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 government

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 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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