Five-Year Carryback of Net Operating Losses (NOLS)
The “Worker, Homeownership, and Business Assistance Act of 2009” has expanded the eligibility for a five-year carryback of NOLs and extended it to NOLs occurring in 2009. In February of 2009, Congress enacted a five-year carryback for 2008 losses, but it was only available to eligible small business taxpayers (defined as corporations, partnerships, or proprietorships with average annual gross receipts of $15 million or less). Unfortunately, this definition restricted the benefit to only a few small banks that had losses for 2008.
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