[20200316]IN11240_新冠病毒-19：净营业损失（NOL）结转在解决经济影响方面的潜在作用.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i COVID-19: Potential Role of Net Operating Loss (NOL) Carrybacks in Addressing the Economic Effects Mark P. Keightley Specialist in Economics March 16, 2020 A number of industries may suffer losses in 2020 as a result of the coronavirus disease 2019 (COVID-19) outbreak. The travel and tourism industry, and restaurant industry, appear particularly susceptible at the moment due to an uptick in canceled reservations and a reduction in bookings. Other industries are likely to be impacted as well by a drop-off in consumer spending and a resulting reduction in profits, with the impacts likely increasing if COVID-19 continues to spread. Before 2018, businesses with losses could “carry back” net operating losses (NOL) and use them to receive a refund for past taxes paid. On several occasions, Congress temporarily extended or enhanced the carryback rules to assist businesses in times of general economic weakness, or in response to natural disasters. Recent changes enacted in the 2017 tax revision (P.L. 115-97), commonly referred to as the Tax Cuts and Jobs Act (TCJA), however, eliminated the ability to carry back l