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 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 allows taxpayers to carry over unused deductions for an additional six privilege periods. It does not restrict the use of corporation business tax benefit certificates under the New Jersey Emerging Technology and Biotechnology Financial Assistance Program. The cap aims to smooth the fiscal impact of tax law changes on state finances.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.