PUBLIC LAW 109–58—AUG. 8, 2005
119 STAT. 1009
(d) CONFORMING AMENDMENT.—Section 468A(e)(3) (relating to review of amount) is amended by striking ‘‘The Fund’’ and inserting ‘‘Except as provided in subsection (f), the Fund’’. (e) TECHNICAL AMENDMENTS.—Section 468A(e)(2) (relating to taxation of Fund) is amended— (1) by striking ‘‘rate set forth in subparagraph (B)’’ in subparagraph (A) and inserting ‘‘rate of 20 percent’’, (2) by striking subparagraph (B), and (3) by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C), respectively. (f) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
26 USC 468A note.
SEC. 1311. FIVE-YEAR NET OPERATING LOSS CARRYOVER FOR CERTAIN LOSSES.
Paragraph (1) of section 172(b) (relating to net operating loss carrybacks and carryovers) is amended by adding at the end the following new subparagraph: ‘‘(I) TRANSMISSION PROPERTY AND POLLUTION CONTROL INVESTMENT.— ‘‘(i) IN GENERAL.—At the election of the taxpayer in any taxable year ending after December 31, 2005, and before January 1, 2009, in the case of a net operating loss in a taxable year ending after December 31, 2002, and before January 1, 2006, there shall be a net operating loss carryback to each of the 5 years preceding the taxable year of such loss to the extent that such loss does not exceed 20 percent of the sum of electric transmission property capital expenditures and pollution control facility capital expenditures of the taxpayer for the taxable year preceding the taxable year in which such election is made. ‘‘(ii) LIMITATIONS.—For purposes of this subsection— ‘‘(I) not more than one election may be made under clause (i) with respect to any net operating loss in a taxable year, and ‘‘(II) an election may not be made under clause (i) for more than 1 taxable year beginning in any calendar year. ‘‘(iii) COORDINATION WITH ORDERING RULE.—For purposes of applying subsection (b)(2), the portion of any loss which is carried back 5 years by reason of clause (i) shall be treated in a manner similar to the manner in which a specified liability loss is treated. ‘‘(iv) APPLICATION FOR ADJUSTMENT.—In the case of any portion of a net operating loss to which an election under clause (i) applies, an application under section 6411(a) with respect to such loss shall not fail to be treated as timely filed if filed within 24 months after the due date specified under such section. ‘‘(v) SPECIAL RULES RELATING TO REFUND.—For purposes of a net operating loss to which an election under clause (i) applies, references in sections 6501(h), 6511(d)(2)(A), and 6611(f)(1) to the taxable year in which such net operating loss arises or result in a
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