Restricts the carrying forward of net operating losses to five years in New York.

New York S07877 amends the tax law to limit the carrying forward of net operating losses to five years. Previously, losses could be carried forward for up to twenty years. This change affects businesses that incur net operating losses, potentially impacting their tax liability and financial planning. The amendment applies to taxable years beginning on and after the effective date of the law.

Restricts the carrying forward of net operating losses to five years in New York.

New York S07877 amends the tax law to limit the carrying forward of net operating losses to five years. Previously, losses could be carried forward for up to twenty years. This change affects businesses that incur net operating losses, potentially impacting their tax liability and financial planning. The amendment applies to taxable years beginning on and after the effective date of the law.