New Jersey A5322 imposes a temporary $1 million cap on net operating loss deductions for corporation business tax.
New Jersey A5322 imposes a temporary $1 million cap on the use of net operating loss deductions under the corporation business tax for privilege periods ending on or after July 31, 2026 but before July 31, 2030. This cap aims to smooth the fiscal impact of State and federal tax law changes on State finances. The bill allows taxpayers to carry forward unused deductions to future periods, with a limit of 75 percent reduction in allocated entire net income.
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