Establishes net operating loss carryback deduction under corporation business tax.

This bill establishes a two-year net operating loss carryback deduction for corporations paying New Jersey's corporation business tax. Currently, New Jersey only allows for a 20-year carryforward of net operating losses (with no carryback provision), making it less competitive with other states. The bill would allow corporations to file amended returns for the previous two tax years when they were profitable, use current year losses to offset those profits, and receive refunds of taxes paid in those prior years. This change would align New Jersey's tax code with the federal government and 17 other states that already permit net operating loss carrybacks. The bill affects all corporations subject to New Jersey's corporation business tax who experience a net operating loss in a given tax year.