Section 1 Modification of effective date of modifications to net operating loss deductions
In general— Section 13302(e)(2) of Public Law 115–97 is amended by striking “ending” and inserting “beginning”.
Extension of deadline for filing application for tentative carryback adjustments— In the case of a net operating loss carryback of a net operating loss arising in a taxable year beginning before January 1, 2018, and ending after December 31, 2017, an application under section 6411(a) shall not fail to be treated as timely filed if filed not later than the date which is 120 days after the date of the enactment of this Act.
Effective date—
In general— Except as otherwise provided in this subsection, the amendment made by this section shall take effect as if included in section 13302 of Public Law 115–97.
Elective application— The amendment made by this section shall apply only if the taxpayer elects (at such time and in such manner as the Secretary, or the Secretary’s delegate, may provide) the application of this section.