IRS Rev. Proc. 2009-52 provides guidance under Section 13 of the Worker, Homeownership, And Business Assistance Act 2009. Section 13 allows taxpayers to elect to carry back an applicable NOL for a period o 3, 4, or 5 years, to offset taxable income in those preceding taxable years. It applies to NOLs for a taxable year ending after December 31, 2007, and beginning before January 1, 2010. An election must be attached to the appropriate carryback form. Here is sample language from the IRS website:
ABC Company is electing to apply Section 172(b)(1)(H) under Rev. Proc. 2009-52. ABC Company is not a TARP recipient and was not an affiliate of a TARP recipient during 2008 or 2009. We are electing a 4 year carryback period.
