A bill to amend the Internal Revenue Code of 1986 to allow 5-year carryback of operating losses, and for other purposes.

Summary

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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Timeline

1. 22 October 2009

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 October 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 October 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 October 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 October 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 October 2009

  Open at official source

Sponsors

• Sen. Brownback, Sam [R-KS] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Net Operating Loss (NOL) Carryback Act
• related to → Net Operating Loss (NOL) Carryback Act
• related to → To amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes.
• related to ← A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes.