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Washington Tax Alert from Don Barnes, dbarnes@washingtontaxlaw.com
January 24, 2008

It appears the economic stimulus bill presently under consideration in Congress will include a provision permitting a five-year carryback of NOLs incurred in taxable years ending in 2007, 2008 and 2009.

Similar tax relief was provided in the Job Creation and Worker Assistance Act of 2002, which extended the general NOL carryback period to five years for NOLs incurred in taxable years ending in 2001 and 2002.