Press Room: Article

December 14, 2009

New Law: NOL Carrybacks

Legislation enacted on November 6, 2009 (H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009 (the “Act”) significantly enhances the net operating loss (“NOL”) carryback provisions to include an elective, longer carryback period for nearly all individual and corporate taxpayers.

The American Recovery and Reinvestment Act (the so-called Stimulus Bill) enacted earlier this year had also included a temporary measure to allow certain small businesses (i.e., those with average gross receipts of less than $15 million), to elect a longer carryback period, but denied relief to many individuals and to larger corporate taxpayers. As explained later, the Act creates significant opportunities for

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