S. 2650, A bill to provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
• This bill, or a similar bill, was reintroduced in the current Congress as S. 293, A bill to provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.

Version saved on March 14, 2008, 04:01:51, by webmaster:

S. 2650 would provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.

Detailed Summary

Amends the Internal Revenue Code to: (1) allow a five-year carryback of net operating losses for taxable years beginning or ending during 2006, 2007, or 2008; and (2) suspend the 90% alternative minimum tax limitation on carrybacks and carryovers of net operating losses in such years.

Status of the Legislation

Latest Major Action: 2/14/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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