Income/Franchise:
District of Columbia: Temporary Legislation Extends Duration of Deduction for Apportioned NOL Carryover
Act 24-0062 (D.C.B. B24-0140), signed by mayor 5/3/21. Mayor Muriel Bowser recently signed the “Coronavirus Support Temporary Amendment Act of 2021.” The legislation continues to provide [see Act 24-0030 (D.C.B. 24-0139), signed by mayor 3/17/21, and State Tax Matters, Issue 2021-12, for more details on earlier legislation implementing the same and which remains in effect through June 15, 2021] that for tax years beginning after December 31, 2017, corporations, unincorporated businesses, and financial institutions “shall be allowed an 80% deduction for apportioned District of Columbia net operating loss carryover to be deducted from the net income after apportionment.” This temporary legislation is subject to a 30-day congressional review period and then scheduled to expire 225 days after it takes effect. Please contact us with any related questions.
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