[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.
                                 <all>