Imposes temporary $1 million cap on use of net operating loss deductions under corporation business tax for certain privilege periods.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill temporarily limits the amount of net operating loss (NOL) deductions that corporations can take under New Jersey’s corporation business tax. Specifically, it sets a $1 million cap on these deductions for privilege periods ending between July 31, 2026, and July 31, 2030. Unused NOL deductions can be carried forward, but the cap prevents them from significantly reducing a company’s taxable income. The bill also includes provisions related to estimated tax payments and exempts public utilities from the deduction cap.
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