S.823 - Net Operating Loss (NOL) Carryback Act

A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes. view all titles (2)

All Bill Titles

  • 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.
  • Short: Net Operating Loss (NOL) Carryback Act as introduced.

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Introduced
 
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House
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President
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04/02/09
 
 
 
 
 
 
 

Official Summary

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 f

Official Summary

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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