S 3489 · 95th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to allow an additional carryback of 7 years for excessive net operating losses attributable to product liability.

Introduced 1978-09-08· Sponsored by Sen. Culver, John C. [D-IA]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1978-09-08)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit a taxpayer who incurs product liability losses to carryback such losses as net operating business losses for an additional seven years beyond the three-year period presently allowed by law.…

Summarized by Claude AI · Non-partisan · For informational purposes only