Revise income tax laws for net operating loss carryovers

This bill allows Montana taxpayers to adjust their 2024 tax returns for differences between Montana and federal net operating loss (NOL) calculations as of December 31, 2023. Taxpayers with a Montana NOL carryover smaller than the federal amount can reduce their taxable income (positive adjustment), while those with a larger Montana carryover must increase their taxable income (negative adjustment). The adjustment must be claimed by October 15, 2025, on a 2024 return or amended return, applying the adjustment before using newer NOLs from after 2023. It applies retroactively to tax years beginning after December 31, 2023, and does not affect future NOL calculations.