Net Operating Loss (NOL) Carryback Act

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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R SnoweSponsor

45 cosponsors · 22 D, 23 R

7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in Senate · Apr 2, 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Net Operating Loss (NOL) Carryback Act

Latest action (Apr 2, 2009): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Apr 2, 2009

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.