Form 500 - Net Operating Loss Deduction - New Jersey Corporation Business Tax - 2014 Page 2
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5General Information
This package contains Form 500 which will be used to compute the current return
period’s NOL deduction. Instructions are included.
P.L. 2002, C.40 (Business Tax Reform Act) disallows Net Operating Loss deductions
for privilege periods beginning during calendar years 2002 and 2003. For any por-
tion of NOL’s which would have been deducted in such privilege periods, but were
disallowed by the Business Tax Reform Act, and would have expired in such privi-
lege periods, the expiration is extended by two years.
P.L. 2004, C.47 allows, for privilege periods beginning in 2004 and 2005, a Net
Operating Loss deduction not to exceed 50% of entire net income. For any portion
of NOL’s which would have been deducted in such privilege periods, but were dis-
allowed by P.L. 2004, C. 47, and would have expired in such privilege periods, the
expiration is extended by a period equal to the period that the NOL deduction was
disallowed.
A full Net Operating Loss deduction is allowed for privilege periods beginning on or
after January 1, 2006.
P.L. 2008, C.102, signed into law November 24, 2008, created a new net operating
loss carryover under the Corporation Business Tax. The law provides that a net
operating loss for any privilege period ending after June 30, 2009 shall be a net
operating loss carryover to each of the twenty privilege periods following the period
of the loss. This new twenty year carryover applies only to net operating losses
accruing for privilege periods ending after June 30, 2009. Net operating losses
accruing for privilege periods ending before June 30, 2009 continue to have a net
operating loss carryover to each of the seven privilege periods following the period
of the loss.
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