Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • n. A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.

Etymologies

from Wiktionary, Creative Commons Attribution/Share-Alike License

carry +‎ back

Examples

  • Businesses with gross receipts of as much as $15 million will be permitted to apply current operating losses to tax bills going back five years, a provision known as a carryback that effectively offsets past tax liabilities.

    U.S. Proposal Aims to Aid Smaller Companies

  • And then there's conservative economist Martin Feldstein who calls the carryback loss provision "primarily lump-sum payments to selected companies."

    The Full Feed from HuffingtonPost.com

  • For businesses and entrepreneurs, they'd allow businesses to either fully deduct the cost of their new assets from their tax returns; they'd cut the top corporate tax rate bracket by ten percentage points; end the capital gains tax on inflation; extend the "carryback" period for operating losses to seven years.

    Dad29

  • Even if they are the very same kind of tax cuts (e.g., bonus depreciation, loss carryback provisions, etc.)

    Matthew Yglesias » Argument By Assertion

  • A refund of prior year taxes due to the carryback of current year losses can be enough to allow this small business to stay in business and keep its employees working.

    Matthew Yglesias » Boring Into the Obama Stimulus Plan

  • But not if the tax break is a refundable credit, or has carryforward or carryback features like, say, the capital loss deduction.

    The Volokh Conspiracy » Pretending that no law professors question Obamacare

  • The legislation extends the carryback for five years for all forms of businesses (including sole proprietorships, partnerships and non-publicly traded corporations) with $50 million or less in average gross receipts for the prior three years.

    Good News, At Last, On Small-Business Taxes

  • For 2009, small businesses (defined as having average annual gross receipts of $15 million or less in the three years ending with the year of the net operating loss) can again use the longer carryback period (if they still have income in the carryback years to offset); larger businesses must choose whether to use the longer carryback period for their 2008 or 2009 NOLs.

    Good Year, Bad Year: There's Tax Breaks Either Way

  • And a business that's entitled to take a carryback might opt instead to carry the loss forward, particularly if it expects to be taxed at higher rates (because of profitability or increased tax rates) in years ahead.

    Good Year, Bad Year: There's Tax Breaks Either Way

  • Small businesses had a similar NOL carryback option for 2008 losses.

    Good Year, Bad Year: There's Tax Breaks Either Way

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