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 Senate
- Passed General Assembly
- 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 for future periods, but with a limit of not reducing income by more than 75%. The bill also includes provisions related to estimated tax payments and exempts public utilities from the cap.
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Sponsors
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1 on record
Primary sponsor
Nicholas Scutari
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