26 USC 39 - Carryback and carryforward of unused credits | Title 26 - Internal Revenue...

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Title 26 Subtitle A Chapter 1 Subchapter A Part IV Subpart D 39

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26 USC 39 - Carryback and carryforward of unused credits

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Current through Pub. L. 113-9. (See Public Laws for the current Congress.)
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(a) I n g ene ral ( 1 ) 1 - y e a r c a r r y ba c k a n d 2 0 -y e a r ca r r y f o r w a r d the current year business credit for the taxable year exceeds the amount of the this section referred to as the unused credit year), such excess (to the extent If the sum of the business credit carryforwards to the taxable year plus the amount of

limitation imposed by subsection (c) ofsection 38 for such taxable year (hereinafter in attributable to the amount of the current year business credit) shall be a nd

( A) a business credit carryback to the taxable year preceding the unused credit year, ( B) a business credit carryforward to each of the 20 taxable years following the unused credit year,

account under the provisions of section 38 (a) in the manner provided in section 38 (a). (2 ) A mo unt c a rri ed to ea c h y ea r ( A) En t i r e a m o u n t ca r r i e d t o f i r s t y e a r The entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 21 taxable years to which (by reason of paragraph (1)) such credit may be carried. ( B) Amo u nt c a rri e d t o o t he r 2 0 yea rs The amount of the unused credit for the unused credit year shall be carried to each of the other 20 taxable years to the extent that such unused credit may not be taken into account under section 38 (a) for a prior taxable year because of the limitations of

and, subject to the limitations imposed by subsections (b) and (c), shall be taken into

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subsections (b) and (c).

( 3 ) 5 - y e a r c a r r y ba c k f o r m a r g i n a l o i l a n d g a s w e l l p r o d u ct i o n cr e d i t Notwithstanding subsection (d), in the case of the marginal oil and gas well production credit ( A) this section shall be applied separately from the business credit (other than the marginal oil and gas well production credit) or the eligible small business credits, taxable year in subparagraph (A) thereof, and ( B) paragraph (1) shall be applied by substituting each of the 5 taxable years for the ( C) paragraph (2) shall be applied (i) by substituting 25 taxable years for 21 taxable years in subparagraph (A) t h er eo f , a n d GET INVOLVED

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http://www.law.cornell.edu/uscode/text/26/39

6/21/2013

26 USC 39 - Carryback and carryforward of unused credits | Title 26 - Internal Revenue... Page 2 of 3

(ii) by substituting 24 taxable years for 20 taxable years in subparagraph (B) t h er eo f . ( 4 ) 5 - y e a r c a r r y ba c k f o r e l i g i b l e s m a l l bu s i n e s s cr e d i t s ( A ) In g e n e r a l determined in the first taxable year of the taxpayer beginning in 2010 the taxable year in subparagraph (A) thereof, and Notwithstanding subsection (d), in the case of eligible small business credits (i) paragraph (1) shall be applied by substituting each of the 5 taxable years for (ii) paragraph (2) shall be applied thereof, and thereof. (I) by substituting 25 taxable years for 21 taxable years in subparagraph (A)

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(II) by substituting 24 taxable years for 20 taxable years in subparagraph (B)

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( B ) E l i g i b l e s m a l l bu s i n e s s cr e d i t s For purposes of this subsection, the term eligible small business credits has the meaning given such term by section 38 (c)(5)(B).

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( b ) L im i t a t i o n o n c a r r y b a c k s for any preceding taxable year shall not exceed the amount by which the limitation The amount of the unused credit which may be taken into account under section 38 (a)(3)
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imposed by section 38 (c) for such taxable year exceeds the sum of

(1) the amounts determined under paragraphs (1) and (2) of section 38 (a) for such taxable year, plus and are attributable to taxable years preceding the unused credit year. ( c ) L i m i t a t i o n o n ca r r y f o r w a r ds for any succeeding taxable year shall not exceed the amount by which the limitation The amount of the unused credit which may be taken into account under section 38 (a)(1) (2) the amounts which (by reason of this section) are carried back to such taxable year

imposed by section 38 (c) for such taxable year exceeds the sum of the amounts which, by reason of this section, are carried to such taxable year and are attributable to taxable years preceding the unused credit year. ( d ) T r a n s i t i on a l r u l e No portion of the unused business credit for any taxable year which is attributable to a year before the first taxable year for which such specified credit or such portion is credit specified in section 38 (b) or any portion thereof may be carried back to any taxable

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allowable (without regard to subsection (a)).

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26 USC 39 - Carryback and carryforward of unused credits | Title 26 - Internal Revenue... Page 3 of 3

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http://www.law.cornell.edu/uscode/text/26/39

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