Congress has passed and the President has signed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009 (the “Act”). A key provision of the Act affecting many of our clients is the expansion of the net operating loss (“NOL”) carryback provisions. This Act allows all taxpayers (without regard to their gross receipts) to carry back a net operating loss arising in either 2008 or 2009 (but not both years) for three, four or five years. Additional rules apply. You may want to read the White House Press Release, dated November 6, 2009, and contact us with questions.