123STA T . 33 5PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9(1)INGE NE RAL.—Exceptas p rovid edi n para g rap h ( 2 ) , the a m endments made by this section sha l l apply to property placed in service a f ter D ecember 3 1,2 0 0 8 , in taxable years ending after s u ch date. (2) T E CH N I CAL A M EN D MEN TS .—The amendments made by subsections (a)(3) and (b)(2) shall apply to taxable years ending after M arch 31, 2008. SEC.120 2. T E MPORA R YIN CREASE IN L IMITATIONS ON E X PENSIN G O F CERTAIN D EPRECIA B LEB U SINESS ASSETS. (a) IN G ENERAL.— P aragraph ( 7 ) of section 17 9 (b) is amended— (1) by stri k ing ‘ ‘2008 ’ ’ and inserting ‘‘2008, or 2009’’, and (2) by striking ‘‘ 20 0 8 ’’ in the heading thereof and inserting ‘‘2008, AND 200 9 ’’. (b) E F FECTI V E DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2008. PARTI I —SM A L L BU SI NE SS PR OV ISIONS SEC. 1211. 5- YEAR CARRYBAC K OF OPERATING LOSSES OF SMALL BUSINESSES. (a) IN GENERAL.— S ubparagraph ( H ) of section 172(b)(1) is amended to read as follo w s
‘‘(H) C ARR YB AC K F O R2008NETO P ERATING LOSSES OF SMALL B U SINESSES.— ‘‘(i) IN GENERAL.—If an eligible small business elects the application of this subparagraph with respect to an applicable 2008 net operating loss— ‘‘(I) subparagraph ( A )(i) shall be applied by substituting any whole number elected by the tax - payer which is more than 2 and less than 6 for ‘2’, ‘‘(II) subparagraph (E)(ii) shall be applied by substituting the whole number which is one less than the whole number substituted under sub- clause (I) for ‘2’, and ‘‘(III) subparagraph ( F ) shall not apply. ‘‘(ii) APPLICABLE 2008 NET OPERATING LOSS.—For purposes of this subparagraph, the term ‘applicable 2008 net operating loss’ means— ‘‘(I) the taxpayer’s net operating loss for any taxable year ending in 2008, or ‘‘(II) if the taxpayer elects to have this sub- clause apply in lieu of subclause (I), the taxpayer’s net operating loss for any taxable year beginning in 2008. ‘‘(iii) ELECTION.—Any election under this subpara- graph shall be made in such manner as may be pre- scribed by the Secretary, and shall be made by the due date (including extension of time) for filing the taxpayer’s return for the taxable year of the net oper- ating loss. Any such election, once made, shall be irrev- ocable. Any election under this subparagraph may be made only with respect to 1 taxable year. ‘‘(iv) ELIGIBLE SMALL BUSINESS.—For purposes of this subparagraph, the term ‘eligible small business’ has the meaning given such term by subparagraph Ap p licab ili ty. Applicability. 26USC179no t e . 26 USC 179.
