New Jersey A5322 imposes a temporary $1 million cap on net operating loss deductions under the 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. The bill defines "net operating loss deduction" as the amount of any deduction taken by a taxpayer for a net operating loss carryover, prior net operating loss conversion carryover, post-allocation net operating loss, net operating loss carryover in a combined group context, or any combination thereof.

New Jersey A5322 imposes a temporary $1 million cap on net operating loss deductions under the 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. The bill defines "net operating loss deduction" as the amount of any deduction taken by a taxpayer for a net operating loss carryover, prior net operating loss conversion carryover, post-allocation net operating loss, net operating loss carryover in a combined group context, or any combination thereof.