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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