carryback

[kar-ee-bak]

noun

(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden.Compare carry·forward(def 2).

Origin of carryback

First recorded in 1940–45; noun use of verb phrase carry back