carryback

[kar-ee-bak]
noun
(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden. Compare carry·forward ( def 2 ).

Origin:
1940–45; noun use of verb phrase carry back

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Example sentences
The normal two-year carryback remains available if the small business does not elect the special carryback provision.
Make a claim for a carryback due to a loss or unused credit.
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