Establishes net operating loss carryback deduction under corporation business tax.

This New Jersey bill (A 3006) would allow corporations to carry back net operating losses to previous tax years, enabling them to claim refunds for taxes paid in those earlier years. It directly affects corporations subject to New Jersey's Corporation Business Tax that have incurred losses, particularly those that might otherwise see reduced tax liability or refunds. The key mechanism establishes a formal "net operating loss carryback deduction" under the state tax code, letting businesses offset prior-year tax payments with current-year losses. The bill is currently pending in the Assembly Commerce and Economic Development Committee (introduced January 13, 2026) and would change how corporations apply tax losses under state law.