S 823
111th Congress
Senate
Taxation
Business investment and capital
Income tax deductions
Insurance industry and regulation
Life, casualty, property insurance
Net Operating Loss (NOL) Carryback Act
Introduced: April 2, 2009
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 2009
Read twice and referred to the Committee on Finance.
Apr 2, 2009
Sponsor introductory remarks on measure. (CR S4385)
Apr 2, 2009
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1