California Net Operating Loss Deductions Available for 2012
The last day for the California State Legislature to pass most types of non-urgency bills for the year was August 31. It did not extend the existing suspension of NOL deductions under California Revenue and Taxation Code Sections 17276.1 and 24416.21; therefore, the deductions are available for 2012.
Additionally, proposed legislation that would have repealed taxpayers’ ability to carry back losses incurred in 2013 or later under California Revenue and Taxation Code Section 24416.20, Subdivision (d), was not voted upon in the state senate. However, the legislature could still repeal the carryback provisions in 2013 with a two-thirds majority vote.
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