II
111th CONGRESS
1st Session
S. 156
IN THE SENATE OF THE UNITED STATES
January 6, 2009
Ms. Snowe (for herself, Mr. Kerry, and Ms. Landrieu) 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 enhanced small business expensing and to provide for a 5-year net operating loss carryback for losses incurred in 2008 or 2009.
Short title
This Act may be cited as the
Small Business Stimulus Act of
2009
.
Extension of increased expensing for small businesses
In general
Paragraph (7) of section 179(b) of the Internal Revenue Code of 1986 is amended—
by striking 2008
and
inserting 2008, 2009, or 2010
, and
by striking 2008
in the heading
thereof and inserting 2008, 2009, or 2010
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2008.
5-year carryback of net operating losses
In general
Subparagraph (H) of section 172(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows:
Carryback for 2008 and 2009 net operating losses
In the case of a net operating loss for any taxable year ending during 2008 or 2009—
subparagraph (A)(i) shall be applied by
substituting 5
for 2
,
subparagraph (E)(ii) shall be applied by
substituting 4
for 2
, and
subparagraph (F) shall not apply.
.
Alternative tax net operating loss deduction
Subclause (I) of section 56(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended to read as follows:
the amount of such deduction attributable to the sum of carrybacks of net operating losses from taxable years ending during 2001, 2002, 2008, or 2009 and carryovers of net operating losses to taxable years ending during such calendar years, or
.
Effective date
In general
Except as provided in paragraph (2), the amendments made by this section shall apply to net operating losses arising in taxable years ending after December 31, 2007.
Alternative tax net operating loss deduction
The amendments made by subsection (b) shall apply to taxable years ending after 1997.