Legal Alert: Extended NOL Carryback Period May Result in Tax Refunds
November 17, 2009
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.
Please click here to view this Legal Alert.
©2024 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.