[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 156 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 156

  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.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Stimulus Act of 
2009''.

SEC. 2. EXTENSION OF INCREASED EXPENSING FOR SMALL BUSINESSES.

    (a) In General.--Paragraph (7) of section 179(b) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``2008'' and inserting ``2008, 2009, or 
        2010'', and
            (2) by striking ``2008'' in the heading thereof and 
        inserting ``2008, 2009, or 2010''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2008.

SEC. 3. 5-YEAR CARRYBACK OF NET OPERATING LOSSES.

    (a) In General.--Subparagraph (H) of section 172(b)(1) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                    ``(H) 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--
                            ``(i) subparagraph (A)(i) shall be applied 
                        by substituting `5' for `2',
                            ``(ii) subparagraph (E)(ii) shall be 
                        applied by substituting `4' for `2', and
                            ``(iii) subparagraph (F) shall not 
                        apply.''.
    (b) 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:
                                    ``(I) 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''.
    (c) Effective Date.--
            (1) 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.
            (2) Alternative tax net operating loss deduction.--The 
        amendments made by subsection (b) shall apply to taxable years 
        ending after 1997.
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