November 9, 2009

ITB 09-91: President signs bill to increase NOL carryback period

The President recently signed unemployment benefit legislation including a provision that would allow most business taxpayers, including life insurance companies, to elect an increased carryback period for net operating losses (NOLs) incurred in 2008 or 2009. This provision excludes taxpayers that have received assistance through the Troubled Asset Relief Program (TARP), and  suspends the 90-percent limitation on the use of AMT NOL deductions for carrybacks for which an extended carryback period is elected.

Insurance Tax Bulletin (34 kb)