California Revenue and Taxation Code

§ 24416.23

RTC § 24416.23 Effective Feb 9, 2022Div. 2 · Part 11 · Ch. 7 · Art. 2

Statute text

(a)Notwithstanding Sections 24416, 24416.1, 24416.4, 24416.7, and 24416.22, former Sections 24416.2, 24416.5, 24416.6, and 24416.20, and Section 172 of the Internal Revenue Code, a net operating loss deduction shall not be allowed for any taxable year beginning on or after January 1, 2020, and before January 1, 2022.

(b)For any net operating loss or carryover of a net operating loss for which a deduction is denied by subdivision (a), the carryover period under Section 172 of the Internal Revenue Code shall be extended as follows:

(1)By one year, for losses incurred in taxable years beginning on or after January 1, 2021, and before January 1, 2022.

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Legislative history

Amended by Stats. 2022, Ch. 3, Sec. 21. (SB 113) Effective February 9, 2022.