,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ichc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bb1 #bjbf,mr4  
,c>ey 7= himself1 ,ms4 ,moore (         
,wiscons91 ,ms4 ,t5ney1 ,ms4 ,sewell1   
,mr4 ,moran1 ,ms4 ,del,bene1 ,mr4       
,yakym1 ,mr4 ,bey]1 ,mr4 ,mill] ( ,ohio1
 & ,mr4 ,hors=d7 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to       
provide special rules ) respect to ! net
 op]at+ losses ( c]ta9 f9ancial         
in/itutions4  #a4 ,%ort title  ,?is ,act
 may be cit$ z ! ,small ,bus9ess &      
,consum] ,cr$it ,act ( #bjbf4  #b4  ,net
 op]at+ losses ( c]ta9 f9ancial         
in/itutions  7a7  ,9 g5]al  ,section    
#agb7;b77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by r$esignat+          
subp>agraph 7,d7 z subp>agraph 7,e7 &   
ins]t+ aft] subp>agraph 7,c7 ! foll[+   
new subp>agraph3  7,d7  ,c]ta9 f9ancial 
in/itutions  7i7  #bjbg  ,9 ! case ( any
 specifi$ f9ancial in/itution :i* elects

 ! application ( ?is clause = any       
taxable ye> beg9n+ aft] ,decemb] #ca1   
#bjbf1 & be=e ,janu>y #a1 #bjbh1 ! net  
op]at+ loss = su* taxable ye> %all be a 
net op]at+ loss c>ryov] to ea* ( ! #bj  
taxable ye>s foll[+ ! taxable ye> ( !   
loss4  7ii7  #bjbh  ,9 ! case ( any     
specifi$ f9ancial in/itution :i* elects 
! application ( ?is clause = any taxable
 ye> beg9n+ aft] ,decemb] #ca1 #bjbg1 & 
be=e ,janu>y #a1 #bjbi1 ! net op]at+    
loss = su* taxable ye>--  7,i7 %all be a
 net op]at+ loss c>ryback to ! taxable  
ye> prec$+ ! taxable ye> ( ! loss1 &    
7,,ii7 %all be a net op]at+ loss c>ryov]
 to ea* ( ! #bj taxable ye>s foll[+ !   
taxable ye> ( ! loss4  7iii7  #bjbi &   
!reaft]  ,9 ! case ( any specifi$       
f9ancial in/itution :i* elects !        
application ( ?is clause = any taxable  
ye>s beg9n+ aft] ,decemb] #ca1 #bjbh1 ! 
net op]at+ loss = su* taxable ye>--     
7,i7 %all be a net op]at+ loss c>ryback 
to ea* ( ! #b taxable ye>s prec$+ !     
taxable ye> ( ! loss1 &  7,,ii7 %all be 

a net op]at+ loss c>ryov] to ea* ( ! #bj
 taxable ye>s foll[+ ! taxable ye> ( !  
loss4  7iv7  ,specifi$ f9ancial         
in/itution  ,= purposes ( ?is           
subp>agraph1 ! t]m specifi$ f9ancial    
in/itution means--  7,i7 any bank 7z    
def9$ 9 section #eha7 t is n a memb] (  
an affiliat$ gr\p 7z def9$ 9 section    
#aejd7;a77#a771  7,,ii7 any memb] ( an  
affiliat$ gr\p 7z s def9$ 9 section     
#aejd7;a77#a77 t includes "o or m banks 
7z def9$ 9 section #eha7 t are n        
describ$ 9 section #b7;c77#b77;,h7 ( !  
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahda7;c77#b77;,h771 &        
7,,iii7 any bank )9 ! mean+ ( section   
#ehe7;a77#b77;,b74  7v7  ,elections     
,any election "u ?is subp>agraph--  7,i7
 %all be made 9 su* mann] z ! ,secret>y 
may prescribe1  7,,ii7 %all be made n   
lat] ?an ! due date ( ! taxpay]'s return
 ( tax = ! taxable ye> ( ! net op]at+   
loss to :i* su* election relates1 &     
7,,iii7 once made = any taxable ye>1    
%all be irrevocable = su* taxable ye>4  

4  7b7  ,con=m+ am5dm5ts  7#a7 ,section 
#agb7;b77#a77;,a77i7 ( su* ,code is     
am5d$ by /rik+ & 7,d7 & ins]t+          
7,d77ii77,i71 7,d77iii77,i71 & 7,e74    
7#b7 ,section #agb7;b77#a77;,a77ii7 (   
su* ,code is am5d$ by ins]t+ 7,d77i71   
7,d77ii77,,ii71 & 7,d77iii77,,ii71 aft] 
7,c77ii714  7c7  ,effective date  ,!    
am5dm5ts made by ?is section %all apply 
to net op]at+ losses aris+ 9 taxable    
ye>s beg9n+ aft] ,decemb] #ca1 #bjbf4