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H.R. 2452, The Net Operating Loss (NOL) Carryback Act (6 comments ↓)
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
H.R. 2452 would amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses.
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S Ure
May 22, 2009, 11:24am (report abuse)An expanded NOL carry back would allow good businesses that have been harmed by the current downturn to recapture a portion of the taxes we paid immediately rather than waiting to carry our losses forward over 20 years. This will provide us the liquidity we need to keep our business afloat and to keep our employees working as the market stabilizes. Understand, this is not a grant, loan, tax credit or bailout. Rather the provision accelerates to the present, when the resources are needed most, deductions that can, under current law, be claimed in future tax years. It is an “advance” on future tax deductions which are already authorized under law.
Time is of the essence. Businesses continue to lay off workers and bankruptcies continue to grow; this legislation is the most effective way to combat this trend. Expanded NOL carrrybacks are a proven method of stabilizing businesses and preserving jobs during recessions. They have been used many times before and we need them now.
Hopeful
May 26, 2009, 1:56pm (report abuse)The passing of this bill would save many manufacturers and producers that have been hit hard by the fall of housing and other markets by providing them with much needed liquidity. Many industries have cyclical natures, (i.e. 3 years of profit 5 years of losses) it would allow for additional cash to cover these losses until the curve swings up again.
Please realize that any money paid back to these Companies will go right back to the federal government in future years of profit by these Companies as their NOL's are being exhausted.
In the case of our Company it may save us from bankruptcy and 200 jobs. I have to believe there are many more in this situation.
hopeful too
May 28, 2009, 6:37pm (report abuse)This has historically been an effective of assisting businesses during tough economic times, whether after 9/11, a natural disaster or otherwise---this is not a gift, a bailout or any other goverment giveaway---it is critical to keeping employees at work and their tax $ still rolling in---without it many more employees could be unnecessarily in the unemployment lines
HR 2452
August 25, 2009, 9:49pm (report abuse)This Bill is much needed by many business in many different industries. It certainly seems to be gaining bi partisan support. In these historically tough economic times this bill would provide many businesses who are in dire need of liquidity. It is important to note that these losses will roll forward if not able to roll back 5 years...thus from the Treasury standpoint it is simply a Timing Difference.
Small Business owner
October 15, 2009, 9:45am (report abuse)The mortgage collapse cost me my business. Without this bill passing I will not have capital to invest in a new venture and create needed jobs. The timing factor of the loss carry back is critical, I need the capital now, not spread over the next twenty years. This is a great bill to pass, don't penalize entrepreneurs that take risks, pay huge taxes in the short term and sustain losses in the exent of an uncontrollable downturn.
amstalk@verizon.net
November 3, 2009, 11:58pm (report abuse)Banks paid a lot of taxes on income on the same loans they are now having significant losses on. In the end the Bank has all the loss and the taxman has all the profit. The 5-year NOL would even this inequity out.