Don't byte-compile at macroexpansion time, load-time-vale. lisp/ChangeLog addition: 2011-10-08 Aidan Kehoe <kehoea@parhasard.net> * bytecomp.el (byte-compile-initial-macro-environment): In the compiler implementation of load-time-value, don't byte-compile at macroexpansion time, delay that until byte-compilation time, giving, e.g. labels a chance to do its thing.