Effective November 6, 2009, the Worker, Homeownership, and Business Assistance Act of 2009 permits taxpayers to make an election carrying back net operating losses arising in 2008 or 2009 for up to 5 years.  Prior to the new legislation, net operating losses generally could only be carried back for up to 2 years.  The carryback election may only be made in respect of one loss year– either 2008 or 2009.  Special coordinating rules apply to eligible small businesses that previously made a carryback election under the Emergency Economic Stabilization Act of 2008.