[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1494 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 1494
To amend the Internal Revenue Code of 1986 to extend the special 5-year
carryback of certain net operating losses to losses for 2003, 2004, and
2005.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 30 (legislative day, July 21), 2003
Mr. Bunning (for himself and Mr. Conrad) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the special 5-year
carryback of certain net operating losses to losses for 2003, 2004, and
2005.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. 5-YEAR CARRYBACK OF CERTAIN NET OPERATING LOSSES.
(a) In General.--Subparagraph (H) of section 172(b)(1) of the
Internal Revenue Code of 1986 is amended--
(1) by inserting ``5-year carryback of certain losses.--''
before ``In the case'', and
(2) by striking ``or 2002'' and inserting ``, 2002, 2003,
2004 or 2005''.
(b) Temporary Suspension of 90 Percent Limit on Certain NOL
Carrybacks.--Subclause (I) of section 56(d)(1)(A)(ii) of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``or 2002'' and inserting ``, 2002, 2003,
2004, or 2005'', and
(2) by striking ``and 2002'' and inserting ``, 2002, 2003,
2004, or 2005''.
(c) Technical Corrections.--
(1) Subparagraph (H) of section 172(b)(1) of the Internal
Revenue Code of 1986 is amended by striking ``a taxpayer which
has''.
(2) Section 102(c)(2) of the Job Creation and Worker
Assistance Act of 2002 (Public Law 107-147) is amended by
striking ``before January 1, 2003'' and inserting ``after
December 31, 1990''.
(3)(A) Subclause (I) of section 56(d)(1)(A)(i) of the
Internal Revenue Code of 1986 is amended by striking
``attributable to carryovers''.
(B) Subclause (I) of section 56(d)(1)(A)(ii) of such Code
is amended--
(i) by striking ``for taxable years'' and inserting
``from taxable years'', and
(ii) by striking ``carryforwards'' and inserting
``carryovers''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to net operating
losses for taxable years ending after December 31, 2002.
(2) Technical corrections.--The amendments made by
subsection (c) shall take effect as if included in the
amendments made by section 102 of the Job Creation and Worker
Assistance Act of 2002.
(3) Election.--In the case of a net operating loss for a
taxable year ending during 2003--
(A) any election made under section 172(b)(3) of
the Internal Revenue Code of 1986 may (notwithstanding
such section) be revoked before November 1, 2003, and
(B) any election made under section 172(j) of such
Code shall (notwithstanding such section) be treated as
timely made if made before November 1, 2003.
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