Deductions: net operating losses: extended carryback: construction companies.

The Personal Income Tax Law and the Corporation Tax Law allow various deductions in computing the income that is subject to the taxes imposed by those laws. Both laws allow a deduction for net operating losses, which may be carried back for 2 taxable years preceding the taxable year of the loss. This bill, for taxable years beginning on or after January 1, 2017, would provide that the carryback for net operating losses is 20 taxable years preceding the taxable year of the loss for losses from a project that contains an affordable housing component, as defined, for low-income to moderate-income residents by a taxpayer that is primarily engaged in home construction, as defined.