Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2013

Governor's Budget Recommendation FY 2013

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2.203 -Net Operating Loss Carry-Over

Item DescriptionFY2011 FY2012 FY2013
2.203 Net Operating Loss Carry-Over
There has been a statutory expansion of the general NOL carry-forward period from 5 to 20 years for business corporations, for taxable years beginning on or after January 1, 2010. There has also been a change to the calculation of an NOL carry-forward, and for tax years beginning on or after January 1, 2010; all carry-forward losses of an eligible business corporation are to be carried forward on a post-apportioned basis, applying the apportionment percentage of the corporation for the taxable year in which the loss is sustained. Financial institutions, public utilities, and insurance companies are not allowed to deduct NOL. See TIR 10-15 for details:

Origin:  IRC, S. 172; M.G.L. c. 63, S. 30.5; TIR 10- 15.
Estimate:  $90.6
92.2 90.2 90.6


IRCFederal Internal Revenue Code (26 U.S.C.)
M.G.L. Massachusetts General Laws
U.S.C United States Code
ESTIMATES All estimates are in $ millions.

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