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The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)

Modification of Net Operating Losses (NOL)

Prior legislation placed limitations on the amount of taxable income that could be offset by net operating losses as well as only allowing carryforwards of these losses. The CARES Act suspends these limitations as follows:

  • Suspends the 80% taxable income limitation on NOL carryovers for three years, so that the limit would not apply to 2018, 2019 and 2020; and
  • Allows NOLs arising in 2018, 2019 and 2080 to be carried back five years.
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