carryback

[ kar-ee-bak ]

noun
  1. (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

1
First recorded in 1940–45; noun use of verb phrase carry back

Words Nearby carryback

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

British Dictionary definitions for carry back

carry back

/ tax accounting /


verb
  1. (tr, adverb) to apply (a legally permitted credit, esp an operating loss) to the taxable income of previous years in order to ease the overall tax burden

nouncarry-back
  1. an amount carried back

Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012