Net operating loss â Limitation

Official textwebserver.rilegislature.govlast amended 2002

A net operating loss deduction shall be allowed which shall be the same as the net operating loss deduction allowed under § 172 of the Internal Revenue Code, 26 U.S.C. § 172, except that:

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any net operating loss included in determining the deduction shall be adjusted to reflect the modifications increasing and decreasing adjusted gross income required by §§ 44-30-12 and 44-30-32;

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the deduction shall not include any net operating loss sustained during any taxable year beginning in which the taxpayer was not subject to the tax imposed by this chapter; and (3) the deduction shall not exceed the deduction for the taxable year allowable under § 172 of the Internal Revenue Code, 26 U.S.C. § 172; provided, notwithstanding any other provision of law, the deduction for a taxable year may not be carried back to any other taxable year for Rhode Island purposes but shall only be allowable on a carry forward basis for the number of succeeding taxable years allowed under § 172 of the Internal Revenue Code, 26 U.S.C. § 172.

Amendment history

History of Section. P.L. 2002, ch. 65, art. 16, § 6.

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Net operating loss â Limitation

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Net operating loss â Limitation