GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES FOR 2010 CARRIED BACK 5 YEARS.

SEC. 2012. GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES FOR 2010 CARRIED BACK 5 YEARS.(a) In General.—Section 39(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:“(4) 5-year carryback for eligible small business credits.—“(A) In general.—Notwithstanding subsection (d), in the case of eligible small business credits determined in the first taxable year of the taxpayer beginning in 2010—“(i) paragraph (1) shall be applied by substituting ‘each of the 5 taxable years’ for ‘the taxable year’ in subparagraph (A) thereof, and“(ii) paragraph (2) shall be applied—“(I) by substituting ‘25 taxable years’ for ‘21 taxable years’ in subparagraph (A) thereof, and“(II) by substituting ‘24 taxable years’ for ‘20 taxable years’ in subparagraph (B) thereof.“(B) Eligible small business credits.—For purposes of this subsection, the term ‘eligible small business credits’ has the meaning given such term by section 38(c)(5)(B).”.(b) Conforming Amendment.—Section 39(a)(3)(A) of the Internal Revenue Code of 1986 is amended by inserting “or the eligible small business credits” after “credit)”.(c) Effective Date.—The amendments made by this section shall apply to credits determined in taxable years beginning after December 31, 2009.124 STAT. 2555