S. 1835 (111th): A bill to amend the Internal Revenue Code of 1986 to allow 5-year carryback of operating losses, and for other purposes.

Introduced:
Oct 22, 2009 (111th Congress, 2009–2010)
Sponsor:
Sen. Samuel “Sam” Brownback [R-KS]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on October 22, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 22, 2009
Referred to Committee Oct 22, 2009
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Oct 22, 2009.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/22/2009--Introduced.
Amends the Internal Revenue Code to allow a five-year carryback of net operating losses, including the operating losses of life insurance companies, incurred in 2008 and 2009.
Denies such extended loss carryover period to:
(1) taxpayers in whom the federal government acquires an equity interest under the Emergency Economic Stabilization Act of 2008;
(2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); and
(3) members of certain affiliated groups.
Directs the Secretary of the Treasury to make transfers to the general fund to cover reductions in revenues resulting from this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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