Legal Alert: Extended NOL Carryback Period May Result in Tax Refunds


On November 6, 2009, the "Worker, Homeownership, and Business Assistance Act of 2009" (the "Act") was signed into law. One provision of the Act permits a business to carry back its net operating loss five years, as opposed to two years as permitted under pre-Act law. For a business with losses during either or both of the past two years, this provision can provide a much needed capital infusion in the form of a tax refund of taxes paid as early as 2003.

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