carryback
noun
car·ry·back ˈker-ē-ˌbak 
ˈka-rē-
: a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period
Example Sentences
Recent Examples on the Web The most important, among these, were enhanced carryback of NOLs (net operating losses) and accelerated depreciation allowance. 
Shivaram Rajgopal, Forbes, 3 May 2022 NOLs generated after that date could be carried forward indefinitely, but the carryback was eliminated. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 However, a significant nuance concerning the five-year carryback period is that it must be carried back to the fifth year and then brought forward. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 Additionally, more recent regulations have emerged from changing trade policies, new NOL carryback rules under the CARES Act, and other factors due to Covid-19. Rose Celestin, Forbes, 24 Feb. 2021 For instance, refiner Phillips 66 boasted an effective income tax rate of just 2% for the first quarter -- well below the federal statutory income tax rate of 21% -- partly because of the carryback. Jennifer A Dlouhy, Bloomberg.com, 15 May 2020 Other key provisions: deferral of payroll taxes, expanded opportunity for loss carrybacks for businesses and technical corrections regarding qualified improvement property. Pamela Mcclintock, The Hollywood Reporter, 26 Mar. 2020 See More
Shivaram Rajgopal, Forbes, 3 May 2022 NOLs generated after that date could be carried forward indefinitely, but the carryback was eliminated. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 However, a significant nuance concerning the five-year carryback period is that it must be carried back to the fifth year and then brought forward. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 Additionally, more recent regulations have emerged from changing trade policies, new NOL carryback rules under the CARES Act, and other factors due to Covid-19. Rose Celestin, Forbes, 24 Feb. 2021 For instance, refiner Phillips 66 boasted an effective income tax rate of just 2% for the first quarter -- well below the federal statutory income tax rate of 21% -- partly because of the carryback. Jennifer A Dlouhy, Bloomberg.com, 15 May 2020 Other key provisions: deferral of payroll taxes, expanded opportunity for loss carrybacks for businesses and technical corrections regarding qualified improvement property. Pamela Mcclintock, The Hollywood Reporter, 26 Mar. 2020 See More Word History
First Known Use
1941, in the meaning defined above
Legal Definition
carryback
noun
car·ry·back ˈkar-ē-ˌbak
: the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period compare carryover