V.I. Code tit. 33, § 1131 (2019)
2019 US Virgin Islands Code|Title 33 - Taxation and Finance|Subtitle 1 - Miscellaneous Internal Revenue Taxes|Part II - Procedure and Administration|Chapter 29 - Abatements, Credits and Refunds|Subchapter II - Rules of Special Application|§ 1131. Tentative carryback adjustments

 Application for adjustment  (a) A taxpayer may file an application for a tentative carryback adjustment of the tax for the prior taxable year affected by a net operating loss carryback, provided in section 172(b) of the Virgin Islands income tax law, from any taxable year. The application shall be verified in the manner prescribed by section 765 of this title in the case of a return of such taxpayer, and shall be filed, on or after the date of filing of the return for the taxable year of the net operating loss from which the carryback results and within a period of 12 months from the end of such taxable year, in the manner and form required by regulations prescribed by the Director. The application shall set forth in such detail and with such supporting data and explanation as such regulations shall require— (1) the amount of the net operating loss; (2) the amount of the tax previously determined for the prior taxable year affected by such carryback, the tax previously determined being ascertained in accordance with the method prescribed in section 1314(a) of the Virgin Islands income tax law; (3) the amount of decrease in such tax, attributable to such carryback, such decrease being determined by applying the carryback in the manner provided by law to the items on the basis of which such tax was determined; (4) the unpaid amount of such tax, not including any amount required to be shown under paragraph (5) of this subsection; (5) the amount, with respect to the tax for the taxable year immediately preceding the taxable year of such loss, as to which an extension of time for payment under section 882 of this title is in effect; and (6) such other information for purposes of carrying out the provisions of this section as may be required by such regulations. An application under this subsection shall not constitute a claim for credit or refund. Allowance of adjustments  (b) Within a period of 90 days from the date on which an application for tentative carryback adjustment is filed under subsection (a) of this section, or from the last day of the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for filing the return for the taxable year of the net operating loss from which such carryback results, whichever is the later, the Director shall make, to the extent he deems practicable in such period, a limited examination of the application, to discover omissions and errors of computation therein, and shall determine the amount of the decrease in the tax attributable to such carryback upon the basis of the application and the examination, except that the Director may disallow, without further action, any application which he finds contains errors of computation which he deems cannot be corrected by him within such 90-day period or material omissions. Such decrease shall be applied against any unpaid amount of the tax decreased (including any amount of such tax as to which an extension of time under section 882 of this title is in effect) and any remainder shall be credited against any unsatisfied amount of any tax for the taxable year immediately preceding the taxable year of the net operating loss the time for payment of which tax is extended under section 882 of this title. Any remainder shall, within such 90-day period, be either credited against any tax or installment thereof then due from the taxpayer, or refunded to the taxpayer. Consolidated returns  (c) If the corporation seeking a tentative carryback adjustment under this section, made or was required to make a consolidated return, either for the taxable year within which the net operating loss arises, or for the preceding taxable year affected by such loss, the provisions of this section shall apply only to such extent and subject to such conditions, limitations, and exceptions as the Director may by regulations prescribe.