Establishes a two-year carryback deduction for net operating losses under the corporation business tax.

This bill amends the Corporation Business Tax Act to establish a two-year carryback deduction for net operating losses incurred by corporate taxpayers. It allows businesses to file amended returns for past profitable tax years, using current losses to offset past profits and receive refunds of previously paid taxes. The carryback deduction applies to net operating losses for privilege periods ending after June 30, 2022. The bill also includes provisions for calculating net operating losses, carryovers, and deductions, as well as definitions for key terms used in the act.

Establishes a two-year carryback deduction for net operating losses under the corporation business tax.

This bill amends the Corporation Business Tax Act to establish a two-year carryback deduction for net operating losses incurred by corporate taxpayers. It allows businesses to file amended returns for past profitable tax years, using current losses to offset past profits and receive refunds of previously paid taxes. The carryback deduction applies to net operating losses for privilege periods ending after June 30, 2022. The bill also includes provisions for calculating net operating losses, carryovers, and deductions, as well as definitions for key terms used in the act.