S.823 - Net Operating Loss (NOL) Carryback Act111th Congress (2009-2010)
|Sponsor:||Sen. Snowe, Olympia J. [R-ME] (Introduced 04/02/2009)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/02/2009 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.823 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (04/02/2009)
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.