Pub. L. 113-295, div. A, title II, §§ 211(c)(1)(B), 221(a)(30)(A), (B), (41)(B), Dec. 19, 2014, 128 Stat. 4033, 4041, 4044; Pub. L. 115-97, title I, §§ 11011(d)(1), 13302(a)-(c)(2)(A), (d), 13305(b)(3), 14202(b)(1), Dec. 22, 2017, 131 Stat. 2071, 2121-2123, 2126, 2216; Pub. L. 115-141, div. T, § 101(a)(2)(B), div. U, title IV, § 401(a)(53), Mar. 23, 2018, 132 Stat. 1155, 1186; Pub. L. 116-136, div. A, title II, § 2303(a)(1)-(2)(B), (b), (c)(2), Mar. 27, 2020, 134 Stat. 352, 353, 355.)
Editorial Notes
References in TextThe date of the enactment of this subparagraph, referred to in subsec. (b)(1)(D)(v)(II), is the date of enactment of Pub. L. 116-136, which was approved Mar. 27, 2020.
Amendments2020 - Subsec. (a). Pub. 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. (b)(1)(A). Pub. 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. (b)(1)(A)(i). Pub. L. 116-136, § 2303(b)(2), substituted ", (C)(i), and (D)" for "and (C)(i)".
Subsec. (b)(1)(D). Pub. L. 116-136, § 2303(b)(1), added subpar. (D).
Subsec. (b)(2)(C). Pub. 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). Pub. L. 116-136, § 2303(a)(2)(B), substituted "subsection (a)(2)(B)(ii)(I)" for "subsection (a)(2)".
2018 - Subsec. (d)(5). Pub. L. 115-141, § 401(a)(53), substituted "sections 243" for "section 243".
Subsec. (d)(8). Pub. L. 115-141, § 101(a)(2)(B), substituted "Any deduction" for "The deduction".
2017 - Subsec. (a). Pub. 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. (b)(1)(A)(i). Pub. L. 115-97, § 13302(b)(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. (b)(1)(A)(ii). Pub. L. 115-97, § 13302(b)(1)(B), substituted "to each taxable year" for "to each of the 20 taxable years".
Subsec. (b)(1)(B). Pub. L. 115-97, § 13302(b)(2), (c)(1), added subpar. (B) and struck out former