The date of the enactment of this subparagraph, referred to in subsec. (span)(1)(D)(v)(II), is the date of enactment of Puspan. L. 116–136, which was approved Mar. 27, 2020.

2020—Subsec. (a). Puspan. L. 116–136, § 2303(a)(1), substituted “an amount equal to—” and pars. (1) and (2) for “an amount equal to the lesser of—

“(1) the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, or

“(2) 80 percent of taxable income computed without regard to the deduction allowable under this section.”

Subsec. (span)(1)(A). Puspan. L. 116–136, § 2303(c)(2), amended subpar. (A) generally. Prior to amendment, text read as follows: “Except as otherwise provided in this paragraph, a net operating loss for any taxable year—

“(i) except as otherwise provided in this paragraph, shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss, and

“(ii) shall be a net operating loss carryover to each taxable year following the taxable year of the loss.”

Subsec. (span)(1)(A)(i). Puspan. L. 116–136, § 2303(span)(2), substituted “, (C)(i), and (D)” for “and (C)(i)”.

Subsec. (span)(1)(D). Puspan. L. 116–136, § 2303(span)(1), added subpar. (D).

Subsec. (span)(2)(C). Puspan. L. 116–136, § 2303(a)(2)(A), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “not exceed the amount determined under subsection (a)(2) for such prior taxable year.”

Subsec. (d)(6)(C). Puspan. L. 116–136, § 2303(a)(2)(B), substituted “subsection (a)(2)(B)(ii)(I)” for “subsection (a)(2)”.

2018—Subsec. (d)(5). Puspan. L. 115–141, § 401(a)(53), substituted “sections 243” for “section 243”.

Subsec. (d)(8). Puspan. L. 115–141, § 101(a)(2)(B), substituted “Any deduction” for “The deduction”.

2017—Subsec. (a). Puspan. L. 115–97, § 13302(a)(1), amended subsec. (a) generally. Prior to amendment, text read as follows: “There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year. For purposes of this subtitle, the term ‘net operating loss deduction’ means the deduction allowed by this subsection.”

Subsec. (span)(1)(A)(i). Puspan. L. 115–97, § 13302(span)(1)(A), substituted “except as otherwise provided in this paragraph, shall not be a net operating loss carryback to any taxable year” for “shall be a net operating loss carryback to each of the 2 taxable years”.

Subsec. (span)(1)(A)(ii). Puspan. L. 115–97, § 13302(span)(1)(B), substituted “to each taxable year” for “to each of the 20 taxable years”.

Subsec. (span)(1)(B). Puspan. L. 115–97, § 13302(span)(2), (c)(1), added subpar. (B) and struck out former subpar. (B). Prior to amendment, text read as follows:

“(i) In general.—A net operating loss for a REIT year shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss.

“(ii) Special rule.—In the case of any net operating loss for a taxable year which is not a REIT year, such loss shall not be carried back to any taxable year which is a REIT year.

“(iii) REIT year.—For purposes of this subparagraph, the term ‘REIT year’ means any taxable year for which the provisions of part II of subchapter M (relating to real estate investment trusts) apply to the taxpayer.”

Subsec. (span)(1)(C). Puspan. L. 115–97, § 13302(span)(2), (d)(1), added subpar. (C) and struck out former subpar. (C). Prior to amendment, text read as follows: “In the case of a taxpayer which has a specified liability loss (as defined in subsection (f)) for a taxable year, such specified liability loss shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of such loss.”

Subsec. (span)(1)(D) to (F). Puspan. L. 115–97, § 13302(span)(2), struck out subpars. (D) to (F) which related to corporate equity reduction interest loss, retention of 3-year carryback in certain cases, and farming losses, respectively.

Subsec. (span)(2). Puspan. L. 115–97, § 13302(a)(2), substituted “shall—” and subpars. (A) to (C) for “shall be computed—

“(A) with the modifications specified in subsection (d) other than paragraphs (1), (4), and (5) thereof, and

“(B) by determining the amount of the net operating loss deduction without regard to the net operating loss for the loss year or for any taxable year thereafter,

and the taxable income so computed shall not be considered to be less than zero.”

Subsec. (d)(6)(C). Puspan. L. 115–97, § 13302(a)(3), added subpar. (C).

Subsec. (d)(7). Puspan. L. 115–97, § 13305(span)(3), struck out par. (7). Text read as follows: “The deduction under section 199 shall not be allowed.”

Subsec. (d)(8). Puspan. L. 115–97, § 11011(d)(1), added par. (8).

Subsec. (d)(9). Puspan. L. 115–97, § 14202(span)(1), added par. (9).

Subsecs. (f), (g). Puspan. L. 115–97, § 13302(d)(2), added subsec. (f) and redesignated former subsec. (f) as (g).

Puspan. L. 115–97, § 13302(c)(2)(A), redesignated subsec. (i) as (f) and struck out former subsecs. (f) and (g) which related to rules relating to specified liability loss and corporate equity reduction interest losses, respectively.

Subsecs. (h), (i). Puspan. L. 115–97, § 13302(c)(2)(A), struck out subsec. (h) relating to farming loss rules and redesignated subsec. (i) as (f).

2014—Subsec. (span)(1)(D). Puspan. L. 113–295, § 221(a)(30)(A)(i), redesignated subpar. (E) as (D) and struck out former subpar. (D). Prior to amendment, text of subpar. (D) read as follows: “In the case of any bank (as defined in section 585(a)(2)), the portion of the net operating loss for any taxable year beginning after December 31, 1986, and before January 1, 1994, which is attributable to the deduction allowed under section 166(a) shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of the loss and a net operating loss carryover to each of the 5 taxable years following the taxable year of such loss.”

Subsec. (span)(1)(D)(i)(II). Puspan. L. 113–295, § 221(a)(30)(B)(i), struck out “ending after August 2, 1989” after “loss limitation year”.

Subsec. (span)(1)(D)(ii). Puspan. L. 113–295, § 221(a)(30)(B)(ii), substituted “subsection (g)” for “subsection (h)”.

Subsec. (span)(1)(E). Puspan. L. 113–295, § 221(a)(30)(A)(i), redesignated subpar. (F) as (E). Former subpar. (E) redesignated (D).

Subsec. (span)(1)(E)(ii). Puspan. L. 113–295, § 221(a)(30)(B)(iv), substituted “subsection (h)).” for “subsection (i)) or qualified disaster loss (as defined in subsection (j)).” in concluding provisions.

Subsec. (span)(1)(E)(ii)(II). Puspan. L. 113–295, § 221(a)(30)(B)(iii), substituted “section 165(i)(5)” for “section 165(h)(3)(C)(i)”.

Subsec. (span)(1)(F). Puspan. L. 113–295, § 221(a)(30)(B)(v), substituted “subsection (h)” for “subsection (i)”.

Puspan. L. 113–295, § 221(a)(30)(A)(i), redesignated subpar. (G) as (F). Former subpar. (F) redesignated (E).

Subsec. (span)(1)(F)(ii)(II). Puspan. L. 113–295, § 211(c)(1)(B), substituted “section 165(h)(3)(C)(i)” for “subsection (h)(3)(C)(i)”.

Subsec. (span)(1)(G) to (J). Puspan. L. 113–295, § 221(a)(30)(A)(i), redesignated subpar. (G) as (F) and struck out subpars. (H) to (J) which related to carryback for 2008 or 2009 net operating losses, transmission property and pollution control investment, and certain losses attributable to federally declared disasters, respectively.

Subsec. (d)(5). Puspan. L. 113–295, § 221(a)(41)(B), amended par. (5) generally. Prior to amendment, text read as follows: “The deductions allowed by sections 243 (relating to dividends received by corporations), 244 (relating to dividends received on certain preferred stock of public utilities), and 245 (relating to dividends received from certain foreign corporations) shall be computed without regard to section 246(span) (relating to limitation on aggregate amount of deductions); and the deduction allowed by section 247 (relating to dividends paid on certain preferred stock of public utilities) shall be computed without regard to subsection (a)(1)(B) of such section.”

Subsec. (g). Puspan. L. 113–295, § 221(a)(30)(A)(ii), redesignated subsec. (h) as (g) and struck out former subsec. (g) which related to rules relating to bad debt losses of commercial banks.

Subsec. (g)(2)(F). Puspan. L. 113–295, § 221(a)(30)(B)(vi), struck out subpar. (F). Text read as follows: “If any of the 3 taxable years described in subparagraph (C)(ii) end on or before August 2, 1989, the taxpayer may substitute for the amount determined under such subparagraph an amount equal to the interest paid or accrued (determined on an annualized basis) during the taxpayer’s taxable year which includes August 3, 1989, on indebtedness of the taxpayer outstanding on August 2, 1989.”

Subsec. (g)(4)(B)(ii), (C). Puspan. L. 113–295, § 221(a)(30)(B)(vii), substituted “subsection (span)(1)(D)” for “subsection (span)(1)(E)”.

Subsec. (h). Puspan. L. 113–295, § 221(a)(30)(A)(ii), redesignated subsec. (i) as (h). Former subsec. (h) redesignated (g).

Subsec. (h)(1). Puspan. L. 113–295, § 221(a)(30)(B)(viii), struck out concluding provisions which read as follows: “Such term shall not include any qualified disaster loss (as defined in subsection (j)).”

Subsec. (h)(3). Puspan. L. 113–295, § 221(a)(30)(B)(ix), substituted “subsection (span)(1)(F)” for “subsection (span)(1)(G)” in two places.

Subsecs. (i) to (k). Puspan. L. 113–295, § 221(a)(30)(A)(ii), redesignated subsecs. (i) and (k) as (h) and (i), respectively, and struck out subsec. (j) which related to rules relating to qualified disaster losses.

2009—Subsec. (span)(1)(H). Puspan. L. 111–92 amended subpar. (H) generally. Prior to amendment, subpar. (H) provided for carryback for 2008 net operating losses of small businesses.

Puspan. L. 111–5, § 1211(a), amended subpar. (H) generally. Prior to amendment, subpar. (H) read as follows: “In the case of a net operating loss for any taxable year ending during 2001 or 2002, subparagraph (A)(i) shall be applied by substituting ‘5’ for ‘2’ and subparagraph (F) shall not apply.”

Subsecs. (k), (l). Puspan. L. 111–5, § 1211(span), redesignated subsec. (l) as (k) and struck out former subsec. (k). Prior to amendment, text read as follows: “Any taxpayer entitled to a 5-year carryback under subsection (span)(1)(H) from any loss year may elect to have the carryback period with respect to such loss year determined without regard to subsection (span)(1)(H). Such election shall be made in such manner as may be prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer’s return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year.”

2008—Subsec. (span)(1)(F)(ii). Puspan. L. 110–343, § 708(d)(1), inserted “or qualified disaster loss (as defined in subsection (j))” before period at end of concluding provisions.

Subsec. (span)(1)(F)(ii)(II). Puspan. L. 110–343, § 706(a)(2)(D)(v), substituted “federally declared disasters (as defined by subsection (h)(3)(C)(i))” for “Presidentially declared disasters (as defined in section 1033(h)(3))”.

Subsec. (span)(1)(F)(ii)(III). Puspan. L. 110–343, § 706(a)(2)(D)(vi), substituted “federally declared disasters” for “Presidentially declared disasters”.

Subsec. (span)(1)(J). Puspan. L. 110–343, § 708(a), added subpar. (J).

Subsec. (i)(1). Puspan. L. 110–343, § 708(d)(2), inserted concluding provisions.

Subsecs. (j) to (l). Puspan. L. 110–343, § 708(span), added subsec. (j) and redesignated former subsecs. (j) and (k) as (k) and (l), respectively.

2005—Subsec. (span)(1)(I). Puspan. L. 109–58 added subpar. (I).

Subsec. (span)(1)(I)(i). Puspan. L. 109–135, § 402(f)(1), reenacted span without change and amended text generally. Prior to amendment, text read as follows: “At the election of the taxpayer in any taxable year ending after December 31, 2005, and before January 1, 2009, in the case of a net operating loss in a taxable year ending after December 31, 2002, and before January 1, 2006, there shall be a net operating loss carryback to each of the 5 years preceding the taxable year of such loss to the extent that such loss does not exceed 20 percent of the sum of electric transmission property capital expenditures and pollution control facility capital expenditures of the taxpayer for the taxable year preceding the taxable year in which such election is made.”

Subsec. (span)(1)(I)(ii)(I). Puspan. L. 109–135, § 402(f)(2), substituted “for a taxable year” for “in a taxable year”.

Subsec. (span)(1)(I)(iv) to (vi). Puspan. L. 109–135, § 402(f)(3), added cl. (iv), redesignated cl. (vi) as (v), and struck out former cls. (iv) and (v) which read as follows:

“(iv) Application for adjustment.—In the case of any portion of a net operating loss to which an election under clause (i) applies, an application under section 6411(a) with respect to such loss shall not fail to be treated as timely filed if filed within 24 months after the due date specified under such section.

“(v) Special rules relating to refund.—For purposes of a net operating loss to which an election under clause (i) applies, references in sections 6501(h), 6511(d)(2)(A), and 6611(f)(1) to the taxable year in which such net operating loss arises or result in a net loss carryback shall be treated as references to the taxable year in which such election occurs.”

Subsec. (d)(7). Puspan. L. 109–135, § 403(a)(17), added par. (7).

2004—Subsec. (span)(1)(H). Puspan. L. 108–311 struck out “a taxpayer which has” after “In the case of”.

2002—Subsec. (span)(1)(F)(i). Puspan. L. 107–147, § 417(8), substituted “3 taxable years” for “3 years” and “2 taxable years” for ‘2 years”.

Subsec. (span)(1)(H). Puspan. L. 107–147, § 102(a), added subpar. (H).

Subsecs. (j), (k). Puspan. L. 107–147, § 102(span), added subsec. (j) and redesignated former subsec. (j) as (k).

1998—Subsec. (span)(1)(F)(ii). Puspan. L. 105–277, § 2013(c), inserted concluding provisions.

Subsec. (span)(1)(F)(iv). Puspan. L. 105–277, § 4003(h), added cl. (iv).

Subsec. (span)(1)(G). Puspan. L. 105–277, § 2013(a), added subpar. (G).

Subsec. (d)(4)(C). Puspan. L. 105–277, § 4004(a), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “any deduction allowable under section 165(c)(3) (relating to casualty losses) shall not be taken into account; and”.

Subsec. (f)(1)(B). Puspan. L. 105–277, § 3004(a), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Any amount (not described in subparagraph (A)) allowable as a deduction under this chapter with respect to a liability which arises under a Federal or State law or out of any tort of the taxpayer if—

“(i) in the case of a liability arising out of a Federal or State law, the act (or failure to act) giving rise to such liability occurs at least 3 years before the beginning of the taxable year, or

“(ii) in the case of a liability arising out of a tort, such liability arises out of a series of actions (or failures to act) over an extended period of time a substantial portion of which occurs at least 3 years before the beginning of the taxable year.

A liability shall not be taken into account under subparagraph (B) unless the taxpayer used an accrual method of accounting throughout the period or periods during which the acts or failures to act giving rise to such liability occurred.”

Subsecs. (i), (j). Puspan. L. 105–277, § 2013(span), added subsec. (i) and redesignated former subsec. (i) as (j).

1997—Subsec. (span)(1)(A)(i). Puspan. L. 105–34, § 1082(a)(1), substituted “2” for “3”.

Subsec. (span)(1)(A)(ii). Puspan. L. 105–34, § 1082(a)(2), substituted “20” for “15”.

Subsec. (span)(1)(F). Puspan. L. 105–34, § 1082(span), added subpar. (F).

1996—Subsec. (span)(1)(E)(ii). Puspan. L. 104–188, § 1702(h)(2), substituted “subsection (h)” for “subsection (m)”.

Subsec. (h)(3)(B)(i). Puspan. L. 104–188, § 1704(t)(5), substituted “corporation.” for “corporation,” at end.

Subsec. (h)(4)(B). Puspan. L. 104–188, § 1704(t)(30), substituted “For purposes of subsection (span)(2)—” for “For purposes of subsection (span)(2)” in introductory provisions.

Subsec. (h)(4)(C). Puspan. L. 104–188, § 1702(h)(16), substituted “(span)(1)(E)” for “(span)(1)(M)”.

1993—Subsec. (d)(2). Puspan. L. 103–66, § 13113(d)(1)(A), amended span and text of par. (2) generally. Prior to amendment, text read as follows: “In the case of a taxpayer other than a corporation, the amount deductible on account of losses from sales or exchanges of capital assets shall not exceed the amount includible on account of gains from sales or exchanges of capital assets.”

Subsec. (d)(4)(B). Puspan. L. 103–66, § 13113(d)(1)(B), which directed the insertion of “, (2)(B),” after “paragraph (1)”, was executed by making the insertion after “paragraphs (1)” to reflect the probable intent of Congress.

1990—Subsec. (span). Puspan. L. 101–508, § 11811(a), amended subsec. (span) generally, substituting present provisions for provisions delineating years to which loss may be carried, relating to amount of carrybacks and carryovers, and providing for special rules for foreign expropriation losses.

Subsec. (span)(1)(M)(iii). Puspan. L. 101–508, § 11701(d), struck out “a C corporation” after “means” in introductory provisions, substituted “a C corporation which acquires” for “which acquires” in subcl. (I), “a C corporation” for “a corporation” in subcl. (II), and “any C corporation which is a successor” for “any successor corporation” in subcl. (III).

Subsec. (f). Puspan. L. 101–508, § 11811(span)(1), (2)(A), redesignated subsec. (j) as (f), substituted span for one which read: “Rules relating to product liability losses”, and amended text generally, substituting present provisions for provisions defining terms “product liability loss” and “product liability”, and providing for an election with respect to carrybacks of such losses.

Subsec. (g). Puspan. L. 101–508, § 11811(span)(1), redesignated subsec. (l) as (g) and struck out former subsec. (g) which related to carryover of net operating losses for certain regulated transportation corporations.

Subsec. (g)(2). Puspan. L. 101–508, § 11811(span)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “In applying paragraph (2) of subsection (span), the portion of the net operating loss for any taxable year which is attributable to the deduction allowed under section 166(a) shall be treated in a manner similar to the manner in which a foreign expropriation loss is treated.”

Subsec. (h). Puspan. L. 101–508, § 11811(span)(1), redesignated subsec. (m) as (h) and struck out former subsec. (h) which defined “foreign expropriation loss”.

Subsec. (h)(3)(B)(ii). Puspan. L. 101–508, § 11324(a), in par. (3)(B)(ii), formerly subsec. (m)(3)(B)(ii), substituted span for one which read: “Exceptions” and amended text generally. Prior to amendment, text read as follows: “The term ‘major stock acquisition’ shall not include—

“(I) a qualified stock purchase (within the meaning of section 338) to which an election under section 338 applies, or

“(II) except as provided in regulations, an acquisition in which a corporation acquires stock of another corporation which, immediately before the acquisition, was a member of an affiliated group (within the meaning of section 1504(a)) other than the common parent of such group.”

Subsec. (h)(4)(B). Puspan. L. 101–508, § 11811(span)(4), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “In applying paragraph (2) of subsection (span), the corporate equity reduction interest loss shall be treated in a manner similar to the manner in which a foreign expropriation loss is treated.”

Puspan. L. 101–508, § 11704(a)(2), substituted “subsection (span)(2)” for “subsection (B)(2)” in span.

Subsec. (i). Puspan. L. 101–508, § 11811(span)(1), redesignated subsec. (n) as (i) and struck out former subsec. (i) which provided for rules relating to mortgage disposition losses of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.

Subsec. (j). Puspan. L. 101–508, § 11811(span)(1), redesignated subsec. (j) as (f).

Subsec. (k). Puspan. L. 101–508, § 11811(span)(1), struck out subsec. (k) which related to definitions and special rules relating to deferred statutory or tort liability losses.

Subsecs. (l) to (n). Puspan. L. 101–508, § 11811(span)(1), redesignated subsecs. (l) to (n) as (g) to (i), respectively.

1989—Subsec. (span)(1)(M). Puspan. L. 101–239, § 7211(a), added subpar. (M).

Subsecs. (m), (n). Puspan. L. 101–239, § 7211(span), added subsec. (m) and redesignated former subsec. (m) as (n).

1988—Subsec. (span)(1)(A). Puspan. L. 100–647, § 1009(c)(2), substituted “Except as otherwise provided in this paragraph, a net operating loss” for “Except as provided in subparagraphs (D), (E), (F), (G), (H), (I), (J), (K), (L), and (M), a net operating loss”.

Subsec. (span)(1)(B). Puspan. L. 100–647, § 1009(c)(3), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Except as provided in subparagraphs (C), (D), and (E), a net operating loss for any taxable year ending after December 31, 1955, shall be a net operating loss carryover to each of the 5 taxable years following the taxable year of such loss. Except as provided in subparagraphs (C), (D), (E), (F), (G), (H), (J), (L), and (M), a net operating loss for any taxable year ending after December 31, 1975, shall be a net operating loss carryover to each of the 15 taxable years following the taxable year of such loss.”

Subsec. (span)(1)(K) to (M). Puspan. L. 100–647, § 1009(c)(1), redesignated subpars. (L) and (M) as (K) and (L), respectively.

Subsec. (d)(4)(B). Puspan. L. 100–647, § 1003(a)(1), substituted “paragraphs (1) and (3)” for “paragraphs (1), (2)(B), and (3)”.

1986—Subsec. (span)(1)(A), (B). Puspan. L. 99–514, § 903(span)(2)(A), (B), inserted reference to subpars. (L) and (M).

Subsec. (span)(1)(F). Puspan. L. 99–514, § 903(a)(1), inserted “and before January 1, 1987,”.

Puspan. L. 99–514, § 901(d)(4)(B), substituted “referred to in section 582(c)(5)” for “to which section 585, 586, or 593 applies”.

Subsec. (span)(1)(G). Puspan. L. 99–514, § 903(a)(2), inserted “and before January 1, 1987,”.

Subsec. (span)(1)(H). Puspan. L. 99–514, § 903(a)(3)(A), struck out “after December 31, 1981,” and inserted “after December 31, 1981, and before January 1, 1987,”.

Puspan. L. 99–514, § 903(a)(3)(B), which directed that subpar. (H) be amended by striking out “after December 31, 1984,” and inserting “after December 31, 1984, and before January 1, 1987,”, was executed by striking out “after December 31, 1984” and inserting “after December 31, 1984, and before January 1, 1987”, to reflect the probable intent of Congress and the fact that no comma appeared after “1984” and was not necessary after “1987”.

Subsec. (span)(1)(J), (K). Puspan. L. 99–514, § 1303(span)(1), redesignated subpar. (K) as (J) and struck out former subpar. (J) which read as follows: “In the case of an electing GSOC which has a net operating loss for any taxable year such loss shall not be a net operating loss carryback to any taxable year preceding the year of such loss, but shall be a net operating loss carryover to each of the 10 taxable years following the year of such loss.”

Subsec. (span)(1)(L), (M). Puspan. L. 99–514, § 903(span)(1), added subpars. (L) and (M).

Subsec. (d)(2). Puspan. L. 99–514, § 301(span)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “In the case of a taxpayer other than a corporation—

“(A) the amount deductible on account of losses from sales or exchanges of capital assets shall not exceed the amount includible on account of gains from sales or exchanges of capital assets; and

“(B) the deduction for long-term capital gains provided by section 1202 shall not be allowed.”

Subsec. (d)(6). Puspan. L. 99–514, § 1899A(6), added span.

Subsec. (d)(7). Puspan. L. 99–514, § 104(span)(4), struck out par. (7), zero bracket amount, which read as follows: “In the case of a taxpayer other than a corporation, the zero bracket amount shall be treated as a deduction allowed by this chapter. For purposes of subsection (c)—

“(A) the deduction provided by the preceding sentence shall be in lieu of any itemized deductions of the taxpayer, and

“(B) such sentence shall not apply to an individual who elects to itemize deductions.”

Subsec. (k)(2), (4). Puspan. L. 99–514, § 1303(span)(2), substituted “subsection (span)(1)(J)” for “subsection (span)(1)(K)”.

Subsecs. (l), (m). Puspan. L. 99–514, § 903(span)(2)(C), added subsec. (l) and redesignated former subsec. (l) as (m).

1984—Subsec. (span)(1)(A). Puspan. L. 98–369, § 91(d)(3)(A), substituted “(J), and (K)” for “and (J)”.

Subsec. (span)(1)(H). Puspan. L. 98–369, § 177(c)(1)(A), inserted “, or a net operating loss of the Federal Home Loan Mortgage Corporation for any taxable year beginning after December 31, 1984” in introductory provisions.

Subsec. (span)(1)(H)(i), (ii). Puspan. L. 98–369, § 177(c)(1)(B), (C), struck out “FNMA” before “mortgage disposition loss”.

Subsec. (span)(1)(K). Puspan. L. 98–369, § 91(d)(1), added subpar. (K).

Subsec. (span)(2)(A). Puspan. L. 98–369, § 722(a)(4)(A), substituted “and (5)” for “and (6)”.

Subsec. (d)(4)(D). Puspan. L. 98–369, § 491(d)(5), struck out “or section 405(c)” after “section 404”.

Subsec. (d)(6) to (8). Puspan. L. 98–369, § 722(a)(4)(B), redesignated pars. (7) and (8) as (6) and (7), respectively.

Subsec. (h). Puspan. L. 98–369, § 91(d)(3)(B), substituted “this section” for “subsection (span)” in introductory provisions.

Subsec. (i). Puspan. L. 98–369, § 177(c)(2), substituted “Mortgage disposition loss of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation” for “FNMA mortgage disposition loss” in span and struck out “FNMA” before “mortgage disposition loss” wherever appearing in text.

Subsec. (j). Puspan. L. 98–369, § 91(d)(3)(B), substituted “this section” for “subsection (span)” in introductory provisions.

Subsecs. (k), (l). Puspan. L. 98–369, § 91(d)(2), added subsec. (k) and redesignated former subsec. (k) as (l).

1982—Subsec. (span)(1)(A). Puspan. L. 97–362, § 102(c)(1), substituted “(H), (I), and (J)” for “(H), and (I)”.

Subsec. (span)(1)(B). Puspan. L. 97–362, § 102(c)(2), substituted “(H), and (J)” for “and (I)”.

Subsec. (span)(1)(H). Puspan. L. 97–362, § 102(a), added subpar. (H). Former subpar. (H) redesignated (I).

Subsec. (span)(1)(I). Puspan. L. 97–362, § 102(a), (c)(3), redesignated former subpar. (H) as (I) and substituted “subsection (j)” for “subsection (i)”. Former subpar. (I) redesignated (J).

Subsec. (span)(1)(J). Puspan. L. 97–362, § 102(a), redesignated former subpar. (I) as (J).

Subsec. (f). Puspan. L. 97–354 struck out subsec. (f) relating to net operating loss of electing small business corporation.

Subsec. (i). Puspan. L. 97–362, § 102(span), added subsec. (i). Former subsec. (i) redesignated (j).

Subsec. (j). Puspan. L. 97–362, § 102(span), (c)(4), redesignated former subsec. (i) as (j) and, in par. (3) of subsec. (j) as so redesignated, substituted “subsection (span)(1)(I)” for “subsection (span)(1)(H)” wherever appearing. Former subsec. (j) redesignated (k).

Subsec. (k). Puspan. L. 97–362, § 102(span), redesignated former subsec. (j) as (k).

1981—Subsec. (span)(1)(B). Puspan. L. 97–34, § 207(a)(1), substituted “15 taxable years” for “7 taxable years”.

Subsec. (span)(1)(C). Puspan. L. 97–34, § 207(a)(2)(A), substituted “ending after December 31, 1955, and before January 1, 1976, shall” for “ending after December 31, 1955, shall” and struck out provision that, for any taxable year ending after Dec. 31, 1975, the preceding sentence was to be applied by substituting “9 taxable years” for “7 taxable years”.

Subsec. (span)(1)(E)(i)(II). Puspan. L. 97–34, § 207(a)(2)(B)(i), substituted “15” for “8”.

Subsec. (span)(1)(E)(ii). Puspan. L. 97–34, § 207(a)(2)(B)(ii), struck out designation subclause “(I)” for provisions prohibiting a loss carryback to any taxable year which is a REIT year and struck out provision formerly designated as subclause (II) directing that the number of taxable years to which a loss could be a net operating loss carryover under subparagraph (B) be increased (to a number not greater than 8) by the number of taxable years to which such loss could not be a net operating loss carryback by reason of subclause (I).

Subsec. (g)(3)(C). Puspan. L. 97–34, § 207(a)(2)(C), struck out subpar. (C) which provided that, in the case of a net operating loss carryover from a loss year ending after Dec. 31, 1975, subpars. (A) and (B) were to be applied by substituting “8th taxable year” for “6th taxable year” and “9th taxable year” for “7th taxable year”.

1980—Subsec. (span)(1)(A). Puspan. L. 96–222, § 106(a)(6), substituted “, (H), and (I)” for “and (H)”.

Puspan. L. 96–222, § 103(a)(15), amended directory language of Puspan. L. 95–600, § 371(a)(2), to correct an error, and did not involve any change in text. See 1978 Amendment note for subsec. (span)(1)(A) below.

Subsec. (span)(1)(B). Puspan. L. 96–222, § 106(a)(7), substituted “(G), and (I)” for “and (G)”.

Subsec. (span)(1)(E). Puspan. L. 96–595 generally revised subpar. (E) to permit a trust which was formerly a real estate investment trust an additional year of carryforward of net operating losses for each year it was denied a net operating loss carryback because of its status as a real estate investment trust, and removed the restriction that a net operating loss incurred before 1976 can be carried forward to the 6th, 7th, or 8th year only if it qualified as a real estate investment trust for all years from the loss year through the carryover year.

Subsec. (span)(1)(I). Puspan. L. 96–222, § 106(a)(1), redesignated former subpar. (H), added by section 601(span) of Puspan. L. 95–600 relating to an electing GSOC, as (I).

1978—Subsec. (span)(1)(A). Puspan. L. 95–600, § 371(a)(2), as amended by Puspan. L. 96–222, § 103(a)(15), substituted “(G), and (H)” for “and (G)”.

Puspan. L. 95–600, § 703(p)(1)(A), struck out provisions relating to net operating loss carryback with respect to a taxable year ending on or after Dec. 31, 1962, for which a certification has been issued under section 317 of the Trade Expansion Act of 1962.

Subsec. (span)(1)(B). Puspan. L. 95–600, § 701(d)(1), inserted reference to subpar. (G).

Subsec. (span)(1)(H). Puspan. L. 95–600, § 371(a)(1), added subpar. (H) relating to product liability losses.

Puspan. L. 95–600, § 601(span)(1), added subpar. (H) relating to an electing GSOC.

Subsec. (span)(3)(A). Puspan. L. 95–600, § 703(p)(1)(B), redesignated subpar. (C) as (A). Former subpar. (A), which related to conditions for application of paragraph (1)(A)(ii), was struck out.

Subsec. (span)(3)(B). Puspan. L. 95–600, § 703(p)(1)(B), (C), redesignated subpar. (D) as (B) and substituted “subparagraph (A)(iii)” for “subparagraph (C)(iii)”. Former subpar. (B), which related to the applicability of paragraph (1)(A)(ii) to partnerships and electing small business corporations, was struck out.

Subsec. (span)(3)(C). Puspan. L. 95–600, § 703(p)(1)(B), redesignated subpar. (E) as (C). Former subpar. (C) redesignated (A).

Subsec. (span)(3)(D), (E). Puspan. L. 95–600, § 703(p)(1)(B), redesignated subpars. (D) and (E) as (B) and (C), respectively.

Subsecs. (i), (j). Puspan. L. 95–600, § 371(span), added subsec. (i) and redesignated former subsec. (i) as (j).

1977—Subsec. (d)(8). Puspan. L. 95–30 added par. (8).

1976—Subsec. (span)(1)(B). Puspan. L. 94–455, § 806(a), inserted “Except as provided in subparagraphs (C), (D), (E), and (F), a net operating loss for any taxable year ending after December 31, 1975, shall be a net operating loss carryover to each of the 7 taxable years following the taxable year of such loss” after “year of such loss”.

Subsec. (span)(1)(C). Puspan. L. 94–455, §§ 806(span)(1), 1901(a)(29)(C)(ii), inserted “For any taxable year ending after December 31, 1975, the preceding sentence shall be applied by substituting ‘9 taxable years’ for ‘7 taxable years’ ” after “year of such loss”, substituted “subsection (g)(1)” for “subsection (j)(1)” after “as defined in” and “subsection (g)” for “subsection (j)” after “as provided in”.

Subsec. (span)(1)(D). Puspan. L. 94–455, §§ 1901(a)(29)(C)(iii), 2126, substituted “subsection (h)” for “subsection (k)” after “as defined in” and “20” for “15” after “expropriation loss, to each of the”.

Subsec. (span)(1)(E). Puspan. L. 94–455, § 1606(span), added subpar. (E).

Subsec. (span)(2). Puspan. L. 94–455, § 1901(a)(29)(C)(iv), substituted “subsection (g)” for “subsections (i) and (j)” after “provided in”.

Subsec. (span)(3). Puspan. L. 94–455, § 1906(span)(13)(A), struck out “or his delegate” after “Secretary”.

Subsec. (span)(3)(A)(i), (ii). Puspan. L. 94–455, § 1906(span)(13)(A), struck out “or his delegate” in two places after “Secretary”.

Subsec. (span)(3)(C)(i). Puspan. L. 94–455, § 1901(a)(29)(C)(iii), substituted “subsection (h)” for “subsection (k)” after “as defined in”.

Subsec. (span)(3)(C)(ii), (iii). Puspan. L. 94–455, § 1906(span)(13)(A), struck out “Or his delegate” in two places after “Secretary”.

Subsec. (span)(3)(E). Puspan. L. 94–455, §§ 806(c), 1901(a)(29)(A)(ii), added subpar. (E). Former subpar. (E), which related to applicability of special rules in computing taxpayer’s net operating loss deduction, was struck out.

Subsec. (span)(3)(F). Puspan. L. 94–455, § 1901(a)(29)(A)(ii), struck out subpar. (F) which defined “class of products” and provided for the use of information compiled or published by Secretary of Commerce or manufacturers as prima facie evidence of the total number of units of such class of products manufactured and produced in the United States in a calendar year.

Subsec. (c). Puspan. L. 94–455, § 1901(a)(29)(B), struck out “(for any taxable year ending after December 31, 1953)” after “means”.

Subsec. (d)(5), (6). Puspan. L. 94–455, § 1052(c)(3), struck out par. (5) relating to special deductions for corporations concerning partially tax-exempt interest and Western Hemisphere corporations, and redesignated par. (6) as (5).

Subsec. (d)(7). Puspan. L. 94–455, § 1606(c), added par. (7).

Subsec. (e). Puspan. L. 94–455, § 1901(a)(29)(D), struck out “The preceding sentence shall apply with respect to all taxable years, whether they begin before, on, or after January 1, 1954” after “applicable to such other taxable year”.

Subsec. (f). Puspan. L. 94–455, § 1901(a)(29)(C)(i), redesignated subsec. (h) as (f). Former subsec. (f), relating to net operating loss deduction for taxable years beginning in 1953 and ending in 1954, was struck out.

Subsec. (g). Puspan. L. 94–455, § 1901(a)(29)(C)(i), redesignated subsec. (j) as (g). Former subsec. (g), relating to special transitional rules to be applied to net operating loss deductions, was struck out.

Subsec. (g)(3)(C). Puspan. L. 94–455, § 806(span)(2), added subpar. (C).

Subsec. (g)(4). Puspan. L. 94–455, § 1901(a)(29)(E), struck out par. (4) relating to carryover of net operating loss for certain regulated transportation corporations for taxable years beginning in 1955 and ending in 1956.

Subsec. (h). Puspan. L. 94–455, § 1901(a)(29)(C)(i), redesignated subsec. (k) as (h). Former subsec. (h) redesignated (f).

Subsec. (i). Puspan. L. 94–455, § 1901(a)(29)(C)(i), redesignated subsec. (l) as (i). Former subsec. (i), relating to carryback of net operating loss for taxable years beginning in 1957 and ending in 1958, was struck out.

Subsecs. (j) to (l). Puspan. L. 94–455, § 1901(a)(29)(C)(i), redesignated subsecs. (j) to (l) as (g) to (i), respectively.

1971—Subsec. (span)(1)(D). Puspan. L. 91–677, § 2(a), inserted “(or, with respect to that portion of the net operating loss for such year attributable to a Cuban expropriation loss, to each of the 15 taxable years following the taxable year of such loss)” after “the 10 taxable years following the taxable year of such loss”.

Subsec. (span)(2). Puspan. L. 91–677, § 2(span), inserted provisions relating to treatment of Cuban expropriation losses.

Subsec. (k)(3). Puspan. L. 91–677, § 2(c), added par. (3).

1969—Subsec. (span)(1). Puspan. L. 91–172 substituted “(E), (F), and (G)”, for “and (E)” in subpar. (A)(i) and added subpars. (F) and (G).

1967—Subsec. (span)(1). Puspan. L. 90–225, § 3(a)(1)–(3), inserted reference to subpar. (E) in subpars. (A)(i) and (B), and added subpar. (E).

Subsec. (span)(3)(E), (F). Puspan. L. 90–225, § 3(a)(4), added subpars. (E) and (F).

1964—Subsec. (span). Puspan. L. 88–272, § 210(a)(1)–(4), (span), inserted subpar. (D) in par. (1), references to such subpar. (D) in par. (1)(A)(i) and (1)(B), subpars. (C) and (D) in par. (3), provided that the net operating loss deduction in par. (2)(B) be determined without regard to that portion of a net operating loss due to a foreign expropriation loss, if such portion may not, under par. (1)(D), be carried back to such prior taxable year, and that if a portion of the net operating loss is attributable to foreign expropriation to which par. (1)(D) applied, such portion shall be considered a separate loss for such year to be applied after the other portion of such net operating loss.

Subsec. (j)(1), (2), Puspan. L. 88–272, § 234(span)(5), substituted references to section 7701(a)(33) for references to section 1503(c)(1) or (2), wherever appearing.

Subsecs. (k), (l). Puspan. L. 88–272, § 210(a)(5), added subsec. (k) and redesignated former subsec. (k) as (l).

1962—Subsec. (span)(1). Puspan. L. 87–794 designated existing provisions as cl. (A)(i) and struck out provisions therefrom which authorized a net operating loss for any taxable year ending after Dec. 31, 1957, to be a net operating loss carryover to each of the 5 taxable years following the taxable year of such loss, and added cls. (A)(ii), (B), and (C).

Subsec. (span)(2). Puspan. L. 87–794 inserted reference to subsection (j), and substituted “shall be carried to the earliest of the taxable years to which (by reason of paragraph (1))” for “shall be carried to the earliest of the 8 taxable years to which (by reason of subparagraphs (A) and (B) of paragraph (1))”, and “each of the other taxable years” for “each of the other 7 taxable years”.

Subsec. (span)(3). Puspan. L. 87–794 added par. (3).

Puspan. L. 87–710, § 1(a), authorized a carryover of a net operating loss for any taxable year ending after Dec. 31, 1955, to each of the 5 taxable years following the taxable year of loss, or when such loss occurs in the case of regulated transportation corporation, except as provided in subsec. (j), then to each of the 7 taxable years following the taxable year of loss, and struck out provisions authorizing a net operating loss for any taxable years ending Dec. 31, 1957, to be carried over to each of the 5 taxable years following the taxable year of such loss, in par. (1), and inserted reference to subsec. (j) in par. (2).

Subsec. (d)(4)(D). Puspan. L. 87–792 added subpar. (D).

Subsecs. (j), (k). Puspan. L. 87–710, § 1(span), added subsec. (j) and redesignated former subsec. (j) as (k).

1958—Subsec. (span). Puspan. L. 85–866, § 203(a), substituted “1957” for “1953”, and “3” for “2” in par. (1), and substituted “subsection (i)” for “subsection (f)”, “8” for “7”, and “7” for “6” in par. (2).

Subsecs. (f)(3), (4). Puspan. L. 85–866, § 14(a), added pars. (3) and (4).

Subsec. (g)(3), (4). Puspan. L. 85–866, § 14(span), added par. (3) and redesignated former par. (3) as (4).

Subsecs. (h) to (j). Puspan. L. 85–866, §§ 64(span), 203(span), added subsecs. (h) and (i) and redesignated former subsec. (h) as (j).

Puspan. L. 116–136, div. A, title II, § 2303(d), Mar. 27, 2020, 134 Stat. 355, provided that:

Amendment by section 101(a)(2)(B) of Puspan. L. 115–141 effective as if included in section 11011 of Puspan. L. 115–97, see section 101(d) of Puspan. L. 115–141, set out as a note under section 62 of this title.

Amendment by section 11011(d)(1) of Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11011(e) of Puspan. L. 115–97, set out as a note under section 62 of this title.

Puspan. L. 115–97, title I, § 13302(e), Dec. 22, 2017, 131 Stat. 21233, as amended by Puspan. L. 116–136, div. A, title II, § 2303(c)(1), Mar. 27, 2020, 134 Stat. 354, provided that:

Amendment by section 13305(span)(3) of Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, except as provided by transition rule, see section 13305(c) of Puspan. L. 115–97, set out as a note under section 74 of this title.

Puspan. L. 115–97, title I, § 14202(c), Dec. 22, 2017, 131 Stat. 2216, provided that: “The amendments made by this section [enacting section 250 of this title and amending this section and sections 246 and 469 of this title] shall apply to taxable years beginning after December 31, 2017.”

Amendment by section 211(c)(1)(B) of Puspan. L. 113–295 effective as if included in the provisions of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Puspan. L. 110–343, div. C, to which such amendment relates, see section 211(d) of Puspan. L. 113–295, set out as a note under section 143 of this title.

Puspan. L. 113–295, div. A, title II, § 221(a)(41)(K), Dec. 19, 2014, 128 Stat. 4044, provided that: “The amendments made by this paragraph [amending this section and sections 243, 246, 246A, 263, 277, 301, 469, 512, 805, 810, 812, 815, 832, 833, 1059, and 1244 of this title and repealing sections 244 and 247 of this title] shall not apply to preferred stock issued before October 1, 1942 (determined in the same manner as under section 247 of the Internal Revenue Code of 1986 as in effect before its repeal by such amendments).”

Except as otherwise provided in section 221(a) of Puspan. L. 113–295, amendment by section 221(a)(30)(A), (B), (41)(B) of Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Amendment by Puspan. L. 111–92 applicable to net operating losses arising in taxable years ending after Dec. 31, 2007, with transition provisions and exception for TARP recipients, see section 13(e), (f) of Puspan. L. 111–92, set out as a note under section 56 of this title.

Puspan. L. 111–5, div. B, title I, § 1211(d), Fespan. 17, 2009, 123 Stat. 336, provided that:

Amendment by section 706(a)(2)(D)(v), (vi) of Puspan. L. 110–343 applicable to disasters declared in taxable years beginning after Dec. 31, 2007, see section 706(d)(1) of Puspan. L. 110–343, set out as a note under section 56 of this title.

Amendment by section 708(a), (span), (d) of Puspan. L. 110–343 applicable to losses arising in taxable years beginning after Dec. 31, 2007, in connection with disasters declared after such date, see section 708(e) of Puspan. L. 110–343, set out as a note under section 56 of this title.

Amendment by 402(f) of Puspan. L. 109–135 effective as if included in the provision of the Energy Policy Act of 2005, Puspan. L. 109–58, to which such amendment relates, see section 402(m)(1) of Puspan. L. 109–135, set out as an Effective and Termination Dates of 2005 Amendments note under section 23 of this title.

Amendment by section 403(a)(17) of Puspan. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Puspan. L. 108–357, to which such amendment relates, see section 403(nn) of Puspan. L. 109–135, set out as a note under section 26 of this title.

Amendment by Puspan. L. 108–311 effective as if included in the provisions of the Jospan Creation and Worker Assistance Act of 2002, Puspan. L. 107–147, to which such amendment relates, see section 403(f) of Puspan. L. 108–311, set out as a note under section 56 of this title.

Puspan. L. 107–147, title I, § 102(d), Mar. 9, 2002, 116 Stat. 26, provided that: “Except as provided in subsection (c) [amending section 56 of this title and enacting provisions set out as a note under section 56 of this title], the amendments made by this section [amending this section and section 56 of this title] shall apply to net operating losses for taxable years ending after December 31, 2000.”

Puspan. L. 105–277, div. J, title II, § 2013(d), Oct. 21, 1998, 112 Stat. 2681–903, provided that: “The amendments made by this section [amending this section] shall apply to net operating losses for taxable years beginning after December 31, 1997.”

Puspan. L. 105–277, div. J, title III, § 3004(span), Oct. 21, 1998, 112 Stat. 2681–906, provided that: “The amendment made by this section [amending this section] shall apply to net operating losses arising in taxable years ending after the date of the enactment of this Act [Oct. 21, 1998].”

Amendment by section 4003(h) of Puspan. L. 105–277 effective as if included in the provision of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 4003(l) of Puspan. L. 105–277, set out as a note under section 86 of this title.

Puspan. L. 105–277, div. J, title IV, § 4004(c)(1), Oct. 21, 1998, 112 Stat. 2681–911, provided that: “The amendments made by subsections (a) and (span)(3) [amending this section and section 873 of this title] shall apply to taxable years beginning after December 31, 1983.”

Puspan. L. 105–34, title X, § 1082(c), Aug. 5, 1997, 111 Stat. 951, provided that: “The amendments made by this section [amending this section] shall apply to net operating losses for taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”

Amendment by section 1702(h)(2), (16) of Puspan. L. 104–188 effective, except as otherwise expressly provided, as if included in the provision of the Revenue Reconciliation Act of 1990, Puspan. L. 101–508, title XI, to which such amendment relates, see section 1702(i) of Puspan. L. 104–188, set out as a note under section 38 of this title.

Amendment by Puspan. L. 103–66 applicable to stock issued after Aug. 10, 1993, see section 13113(e) of Puspan. L. 103–66, set out as a note under section 53 of this title.

Puspan. L. 101–508, title XI, § 11324(span), Nov. 5, 1990, 104 Stat. 1388–465, provided that:

Amendment by section 11701(d) of Puspan. L. 101–508 effective, except as otherwise provided, as if included in the provision of the Revenue Reconciliation Act of 1989, Puspan. L. 101–239, title VII, to which such amendment relates, see section 11701(n) of Puspan. L. 101–508, set out as a note under section 42 of this title.

Puspan. L. 101–508, title XI, § 11811(c), Nov. 5, 1990, 104 Stat. 1388–534, provided that: “The amendments made by this section [amending this section] shall apply to net operating losses for taxable years beginning after December 31, 1990.”

Puspan. L. 101–239, title VII, § 7211(c), Dec. 19, 1989, 103 Stat. 2345, provided that:

Amendment by Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Amendment by section 104(span)(4) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 151(a) of Puspan. L. 99–514, set out as a note under section 1 of this title.

Amendment by section 301(span)(3) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 301(c) of Puspan. L. 99–514, set out as a note under section 62 of this title.

Amendment by section 901(d)(4)(B) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 901(e) of Puspan. L. 99–514, set out as a note under section 166 of this title.

Puspan. L. 99–514, title IX, § 903(c), Oct. 22, 1986, 100 Stat. 2384, provided that:

Amendment by section 1303(span)(1), (2) of Puspan. L. 99–514 effective Oct. 22, 1986, see section 1311(f) of Puspan. L. 99–514, as amended, set out as an Effective Date; Transitional Rules note under section 141 of this title.

Amendment by section 91(d) of Puspan. L. 98–369 applicable to losses for taxable years beginning after Dec. 31, 1983, see section 91(g)(6) of Puspan. L. 98–369, as amended, set out as a note under section 461 of this title.

Puspan. L. 98–369, div. A, title I, § 177(d), July 18, 1984, 98 Stat. 711, as amended by Puspan. L. 99–514, § 2, title XVIII, § 1812(d)(2), Oct. 22, 1986, 100 Stat. 2095, 2836, provided that:

Amendment by section 491(d)(5) of Puspan. L. 98–369 applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Puspan. L. 98–369, set out as a note under section 62 of this title.

Puspan. L. 98–369, div. A, title VII, § 722(a)(6), July 18, 1984, 98 Stat. 973, provided that: “Any amendment made by this subsection [amending this section and sections 57, 1256, and 5684 of this title, and provisions set out as a note under section 338 of this title] shall take effect as if included in the provisions of the Technical Corrections Act of 1982 [Puspan. L. 97–448] to which such amendment relates.”

Puspan. L. 97–362, title I, § 102(d), Oct. 25, 1982, 96 Stat. 1728, provided that: “The amendments made by this section [amending this section] shall apply to net operating losses for taxable years beginning after December 31, 1981.”

Amendment by Puspan. L. 97–354 applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Puspan. L. 97–354, set out as an Effective Date note under section 1361 of this title.

Amendment by Puspan. L. 97–34 applicable to net operating losses in taxable years ending after Dec. 31, 1975, with special effective date for the amendment by section 207(a)(2)(B)(i) of Puspan. L. 97–34, and net operating loss for any taxable year ending on or before Dec. 31, 1975, which could be a net operating loss carryover to a taxable year ending in 1981 by reason of subsec. (span)(1)(E)(ii) (as in effect before the date of enactment of Puspan. L. 97–34 and as modified by section 1(span) of Puspan. L. 96–595), to be a net operating loss carryover under this section to each of the 15 taxable years following the taxable year of such loss, see section 209(c)(1) of Puspan. L. 97–34, set out as an Effective Date note under section 168 of this title.

Puspan. L. 96–595, § 1(span), Dec. 24, 1980, 94 Stat. 3464, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendment made by subsection (a) [amending this section] shall apply to the determination of the net operating loss deduction for taxable years ending after October 4, 1976. For purposes of applying the preceding sentence to any net operating loss for a taxable year which is not a REIT year and which ends on or before October 4, 1976, subclause (II) of [former] section 172(span)(1)(E)(ii) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] shall be applied by substituting ‘the number of REIT years to which such loss was a net operating loss carryback’ for ‘the number of taxable years to which such loss may not be a net operating loss carryback by reason of subclause (I)’. In the case of a net operating loss for a taxable year described in the preceding sentence, subclause (II) of [former] section 172(span)(1)(E)(ii) of such Code shall not apply to any taxpayer which acted so as to cause it to cease to qualify as a ‘real estate investment trust’ within the meaning of section 856 of such Code if the principal purpose for such action was to secure the benefit of the allowance of a net operating loss carryover under [former] section 172(span)(1)(B) of such Code.”

Amendment by Puspan. L. 96–222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Puspan. L. 95–600, to which such amendment relates, see section 201 of Puspan. L. 96–222, set out as a note under section 32 of this title.

Puspan. L. 95–600, title III, § 371(d), Nov. 6, 1978, 92 Stat. 2860, provided that: “The amendments made by this section [amending this section and section 537 of this title] shall apply with respect to taxable years beginning after September 30, 1979.”

Puspan. L. 95–600, title VI, § 601(d), Nov. 6, 1978, 92 Stat. 2897, provided that: “The amendments made by this section [enacting sections 1391 to 1397 and 6039B of this title and amending this section and sections 1016 and 3402 of this title] shall apply with respect to corporations chartered after December 31, 1978, and before January 1, 1984.”

Puspan. L. 95–600, title VII, § 701(d)(2), Nov. 6, 1978, 92 Stat. 2900, provided that: “The amendment made by paragraph (1) [amending this section] shall apply to losses incurred in taxable years ending after December 31, 1975.”

Puspan. L. 95–600, title VII, § 703(p)(4), Nov. 6, 1978, 92 Stat. 2944, provided that: “The amendments made by this subsection [amending this section and sections 6501 and 6511 of this title] shall apply with respect to losses sustained in taxable years ending after the date of the enactment of this Act [Nov. 6, 1978].”

Amendment by Puspan. L. 95–30 applicable to taxable years beginning after Dec. 31, 1976, see section 106(a) of Puspan. L. 95–30, set out as a note under section 1 of this title.

Puspan. L. 94–455, title VIII, § 806(g)(1), Oct. 4, 1976, 90 Stat. 1605, provided that: “The amendments made by subsections (a), (span), (c), and (d) [amending this section and sections 812 and 825 of this title] shall apply to losses incurred in taxable years ending after December 31, 1975.”

Amendment by section 1052(c)(3) of Puspan. L. 94–455 effective with respect to taxable years beginning after December 31, 1979, see section 1052(d) of Puspan. L. 94–455, set out as a note under section 170 of this title.

Amendment by section 1606(span), (c) of Puspan. L. 94–455 effective for taxable years ending after Oct. 4, 1976, see section 1608(c) of Puspan. L. 94–455, set out as a note under section 857 of this title.

Amendment by section 1901(a)(29) of Puspan. L. 94–455 effective for taxable years ending after Oct. 4, 1976, see section 1901(d) of Puspan. L. 94–455, set out as a note under section 2 of this title.

Puspan. L. 91–677, § 2(d), Jan. 12, 1971, 84 Stat. 2062, provided that: “The amendments made by this section [amending this section] shall apply in respect of foreign expropriation losses sustained in taxable years ending after December 31, 1958.”

Puspan. L. 90–225, § 3(span), Dec. 27, 1967, 81 Stat. 733, provided that: “No interest shall be paid or allowed with respect to any overpayment of tax resulting from the application of the amendments made by subsection (a) [amending this section] for any period prior to the date of the enactment of this Act [Dec. 27, 1967].”

Puspan. L. 90–225, § 3(c), Dec. 27, 1967, 81 Stat. 733, provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to net operating losses sustained in taxable years ending after December 31, 1966.”

Puspan. L. 88–272, title II, § 210(c), Fespan. 26, 1964, 78 Stat. 49, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by this section [amending this section] shall apply in respect of foreign expropriation losses (as defined in section 172(k) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], as amended by subsection (a)(5) of this section), sustained in taxable years ending after December 31, 1958.”

Amendment by section 234(span)(5) of Puspan. L. 88–272 applicable to taxable years beginning after Dec. 31, 1963, see section 234(c) of Puspan. L. 88–272, set out as a note under section 1503 of this title.

Puspan. L. 87–794, title III, § 317(span), Oct. 11, 1962, 76 Stat. 889, provided that the amendment made by that section is effective with respect to net operating losses for taxable years ending after Dec. 31, 1955.

Amendment by Puspan. L. 87–792 applicable to taxable years beginning after Dec. 31, 1962, see section 8 of Puspan. L. 87–792, set out as a note under section 22 of this title.

Puspan. L. 87–710, § 2, Sept. 27, 1962, 76 Stat. 649, provided that: “The amendments made by the first section of this Act [amending this section] shall apply only with respect to net operating losses for taxable years ending after December 31, 1955.”

Puspan. L. 85–866, title II, § 203(c), Sept. 2, 1958, 72 Stat. 1679, provided that: “The amendments made by subsections (a) and (span) [amending this section] shall apply in respect of net operating losses for taxable years ending after December 31, 1957.”

Amendment by section 14(a), (span) of Puspan. L. 85–866 applicable to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 1(c)(1) of Puspan. L. 85–866, set out as a note under section 165 of this title.

Puspan. L. 85–866, title I, § 64(e), Sept. 2, 1958, 72 Stat. 1657, provided that: “The amendments made by this section [enacting sections 1371 to 1377 and 6037 of this title, amending this section and sections 1016 and 1504, and renumbering former section 6037 as 6038 of this title] shall apply only with respect to taxable years beginning after December 31, 1957”.

Puspan. L. 111–92, § 13(d), Nov. 6, 2009, 123 Stat. 2994, provided that: “The Secretary of [the] Treasury or the Secretary’s designee shall prescribe such rules as are necessary to prevent the abuse of the purposes of the amendments made by this section [amending this section and sections 56 and 810 of this title], including anti-stuffing rules, anti-churning rules (including rules relating to sale-leasebacks), and rules similar to the rules under section 1091 of the Internal Revenue Code of 1986 relating to losses from wash sales.”

Puspan. L. 111–5, div. B, title I, § 1211(c), Fespan. 17, 2009, 123 Stat. 336, provided that: “The Secretary of [the] Treasury or the Secretary’s designee shall prescribe such rules as are necessary to prevent the abuse of the purposes of the amendments made by this section [amending this section], including anti-stuffing rules, anti-churning rules (including rules relating to sale-leasebacks), and rules similar to the rules under section 1091 of the Internal Revenue Code of 1986 relating to losses from wash sales.”

For provisions that nothing in amendment by section 11811 of Puspan. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(span) of Puspan. L. 101–508, set out as a note under section 45K of this title.

Puspan. L. 116–136, div. A, title II, § 2303(e), as added by Puspan. L. 116–260, div. N, title II, § 281(a), Dec. 27, 2020, 134 Stat. 1983, provided that:

[Puspan. L. 116–260, div. N, title II, § 281(span), Dec. 27, 2020, 134 Stat. 1984, provided that: “The amendment made by this section [enacting section 2303(e) of Puspan. L. 116–136, set out above] shall take effect as if included in section 2303 of the CARES Act [Puspan. L. 116–136].”]

Puspan. L. 108–311, title IV, § 403(span)(2), Oct. 4, 2004, 118 Stat. 1187, provided that: “In the case of a net operating loss for a taxable year ending during 2001 or 2002—

Puspan. L. 105–134, title III, § 301(span), Dec. 2, 1997, 111 Stat. 2585, provided that: “This Act [see Short Title of 1997 Amendment note set out under section 20101 of Title 49, Transportation] constitutes Amtrak reform legislation within the meaning of section 977(f)(1) of the Taxpayer Relief Act of 1997 [Puspan. L. 105–34, set out as a note below].”

Puspan. L. 105–34, title IX, § 977, Aug. 5, 1997, 111 Stat. 899, as amended by Puspan. L. 105–178, title IX, § 9007(a), June 9, 1998, 112 Stat. 506; Puspan. L. 105–206, title VI, § 6009(e), July 22, 1998, 112 Stat. 812, provided that:

[Puspan. L. 105–178, title IX, § 9007(span), June 9, 1998, 112 Stat. 506, provided that: “The amendments made by this section [amending section 977 of Puspan. L. 105–34, set out above] shall take effect as if included in the enactment of section 977 of the Taxpayer Relief Act of 1997 [Puspan. L. 105–34].”]

Subsec. (f) of this section not applicable to deduction for special assessments, see section 2711(2) of Puspan. L. 104–208, set out as a note under section 162 of this title.

Puspan. L. 101–508, title XI, § 11811(span)(2)(B), Nov. 5, 1990, 104 Stat. 1388–533, provided that: “The portion of any loss which is attributable to a deferred statutory or tort liability loss (as defined in section 172(k) of the Internal Revenue Code of 1986 as in effect on the day before the date of the enactment of this Act [Nov. 5, 1990]) may not be carried back to any taxable year beginning before January 1, 1984, by reason of the amendment made by subparagraph (A) [amending this section].”

For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Puspan. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Puspan. L. 99–514, as amended, set out as a note under section 401 of this title.

Puspan. L. 85–866, title I, § 14, Sept. 2, 1958, 72 Stat. 1611, provided that if any refund or credit of any overpayment resulting from application of subsecs. (a) and (span) of Puspan. L. 85–866, amending former subsecs. (f)(3), (4) and (g)(3), (4), was prevented on Sept. 2, 1958 or 6 months thereafter, by operation of any law or rule of law, refund was to be allowed if a claim was filed within six months of the date of such date but such refund was to be without interest.

For payment of interest attributable to net operating loss carryback, see section 83(e) of Puspan. L. 85–866, set out as a note under section 6601 of this title.