NORTH CAROLINA: Income Tax: Treatment of Extended Net Operating Loss Carrybacks Discussed

Abstract

In an Important Notice on State Tax Treatment of Five-Year Carryback of 2008 Net Operating Loss (NOL) for Eligible Small Businesses, North Carolina Department of Revenue discusses the treatment of five-year carrybacks of 2008 net operating losses (NOLs) for eligible small businesses. The notice advises that there is no provision in North Carolina law to allow individuals the extended three, four, or five-year carryback period for 2008 NOLs allowed for federal tax purposes under the American Recovery and Reinvestment Act of 2009 (ARRA), signed into law by President Barack Obama on February 17, 2009.