Bill > A3419

This bill establishes a net operating loss carryback deduction under the corporation business tax. Specifically, the bill allows a net operating loss for any privilege period ending after June 30, 2022 to be either a net operating loss carryover to each of the twenty privilege periods following the period of the loss or a net operating loss carryback to each of the two privilege periods preceding the period of the loss, at the election of the taxpayer. This provision applies to net operating losses accruing for privilege periods ending after June 30, 2022.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/A3419