Corporate Tax credit carryforward?

In the United States, if a company loses money in its first few years, does it receive a tax credit to use against future taxes owed once it becomes profitable? How long does this credit last? I want to use this information for capital budgeting, do you know of any simple explanations?

Corporate Tax credit carryforward?
If they generate net operating losses (and make the election not to carry back, which is simple), then the losses are available to carry forward for up to 20 years. It really isn't a tax credit, just called net operating losses.





A tax credit usually implies a dollar for dollar credit against tax. Net operating losses are applied against earnings in a future period and the remainder, if any, is subject to the tax brackets.

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