Recently passed legislation in California, under Senate Bill 175 – Taxation, might preclude some corporate and individual taxpayer claims for NOL deductions in 2024 beginning on January 1, 2024 and before January 1, 2027. This suspension may affect those California corporate and individual taxpayers who have a net or modified adjusted gross income greater than $1 million. This is not the first time that California has suspended or limited claims for NOL deductions. Additionally, this legislation places an annual $5 million cap on the utilization of income tax credits, including the California pass-through entity elective tax credit. For any income […]
Use of NOL Deductions for Corporate & Individual Taxpayers – Suspended
