NET OPERATING LOSS (NOL)
A net operatingloss incurred in tax years beginning on or after January 1, 2013, will be subtracted in the twenty succeeding taxable years unless an amended return carrying the loss back is filed within one year of the end of the taxable year of the net operation loss that results in the carryback. If an amended return is filed to carry the loss back, the loss is applied to the two preceding taxable years and is limited to a maximum of $100,000. The requirement to check the box to forgo the carryback of the net operating loss is no longer applicable.
For tax year beginning on or after January 1, 2000, and prior to January 1. 2013, the NOL generally must be carried back to the two preceding years. The carryback is limited to a maximum of $100,000. Any remaining loss may be carried forward until used, but no longer than 20 years.
For tax years beginning prior to January 1, 2000, the NOL generally must be carried back to the three preceding years. The carryback is limited to a maximum of $100,000. Any remaining loss may be carried forward until used, but no longer than 15 years.