carryback

noun

car·​ry·​back ˈker-ē-ˌbak How to pronounce carryback (audio)
ˈka-rē-
: a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period

Examples of carryback in a Sentence

Recent Examples on the Web While the Tax Cuts and Jobs Act of 2017 eliminated the net operating loss carryback, the 2020 CARES Act provides for a special five-year carryback for taxable years beginning in 2018, 2019 and 2020. Karlton Dennis, Forbes, 28 Dec. 2022 The most important, among these, were enhanced carryback of NOLs (net operating losses) and accelerated depreciation allowance. Shivaram Rajgopal, Forbes, 3 May 2022 NOLs generated after that date could be carried forward indefinitely, but the carryback was eliminated. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 However, a significant nuance concerning the five-year carryback period is that it must be carried back to the fifth year and then brought forward. Lynn Mucenski Keck, Forbes, 21 Sep. 2021 Additionally, more recent regulations have emerged from changing trade policies, new NOL carryback rules under the CARES Act, and other factors due to Covid-19. Rose Celestin, Forbes, 24 Feb. 2021 For instance, refiner Phillips 66 boasted an effective income tax rate of just 2% for the first quarter -- well below the federal statutory income tax rate of 21% -- partly because of the carryback. Jennifer A Dlouhy, Bloomberg.com, 15 May 2020 Other key provisions: deferral of payroll taxes, expanded opportunity for loss carrybacks for businesses and technical corrections regarding qualified improvement property. Pamela McClintock, The Hollywood Reporter, 26 Mar. 2020

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'carryback.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1941, in the meaning defined above

Time Traveler
The first known use of carryback was in 1941

Dictionary Entries Near carryback

Cite this Entry

“Carryback.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/carryback. Accessed 21 Apr. 2024.

Legal Definition

carryback

noun
car·​ry·​back ˈkar-ē-ˌbak How to pronounce carryback (audio)
: the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period compare carryover
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