Sec. 2012. GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES FOR 2010 CARRIED BACK 5 YEARS
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## SEC. 2012 GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES FOR 2010 CARRIED BACK 5 YEARS ###
(a)In General Section 39(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: > > #### “(4) 5-YEAR CARRYBACK FOR ELIGIBLE SMALL BUSINESS CREDITS > > > ##### “(A) In general > > Notwithstanding subsection (d), in the case of eligible small business credits determined in the first taxable year of the taxpayer beginning in 2010— > > > ###### “(i) > > paragraph
(1)shall be applied by substituting ‘each of the 5 taxable years’ for ‘the taxable year’ in subparagraph
(A)thereof, and > > > ###### “(ii) > > paragraph
(2)shall be applied— > > > ###### “(I) > > by substituting ‘25 taxable years’ for ‘21 taxable years’ in subparagraph
(A)thereof, and > > > ###### “(II) > > by substituting ‘24 taxable years’ for ‘20 taxable years’ in subparagraph
(B)thereof. > > > ##### “(B) Eligible small business credits > > For purposes of this subsection, the term ‘eligible small business credits’ has the meaning given such term by section 38(c)(5)(B).” > . ###
(b)Conforming Amendment Section 39(a)(3)(A) of the Internal Revenue Code of 1986 is amended by inserting “or the eligible small business credits” after “credit)”. ###
(c)Effective Date The amendments made by this section shall apply to credits determined in taxable years beginning after December 31, 2009.