carryback

American  

[kar-ee-bak] / ˈkær iˌbæk /

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.

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Etymology

Origin of carryback

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

Example Sentences

See Examples For:

carryback

This creates a greater need for loss carryforward and carryback rules, which allow firms with unsteady profits to offset income from profitable years against the losses of unprofitable years.

From Slate ● Nov. 15, 2021

"Because you are further into the current year without having filed the prior year's tax returns, you will have a better idea of whether you should carryback a net operating loss."

From US News ● Mar. 8, 2016

One of the biggest windfalls could come from a proposed change in the so-called carryback rule, which would fatten the tax rebate companies get when they have losses.

From Time Magazine Archive

Said Metzman: even with the increase, the New York -Central will lose $18,652,000 next year, will have no carryback credits to soften the blow.

From Time Magazine Archive

Tax carryback credits will put many roads, now in the red, in the black for the year.

From Time Magazine Archive