New York S 7877: Relates to application of net operating losses in the calculation of corporate franchise taxes

Bill Text

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S07877 Summary:

BILL NOS07877A

&nbsp

SAME ASNo Same As

&nbsp

SPONSORGOUNARDES

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §210, Tax L

&nbsp

Restricts the carrying forward of net operating losses to five years.

Go to top S07877 Actions:

BILL NOS07877A

&nbsp

05/13/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

02/10/2026AMEND AND RECOMMIT TO BUDGET AND REVENUE

02/10/2026PRINT NUMBER 7877A

Go to topS07877 Committee&nbspVotes:

Go to topS07877 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07877 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7877--A

 2025-2026 Regular Sessions

 IN SENATE

 May 13, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue --
 recommitted to the Committee on Budget and Revenue in accordance with
 Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the tax law, in relation to the application of net oper-
 ating losses in the calculation of corporate franchise taxes

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Clause 4 of subparagraph (ix) of paragraph (a) of subdivi-
 2 sion 1 of section 210 of the tax law, as amended by section 16 of part T
 3 of chapter 59 of the laws of 2015, is amended to read as follows:
 4 (4) A net operating loss [may be carried back three taxable years
 5 preceding the taxable year of the loss ("the loss year"). However no
 6 loss can be carried back to a taxable year beginning before January
 7 first, two thousand fifteen. The loss is first carried to the earliest
 8 of the three taxable years. If it is not entirely used in that year, it
 9 is carried to the second taxable year preceding the loss year, and any
 10 remaining amount is carried to the taxable year immediately preceding
 11 the loss year. Any unused amount of loss then remaining] may be carried
 12 forward for as many as [twenty] five taxable years following the loss
 13 year. Losses carried forward are carried forward first to the taxable
 14 year immediately following the loss year, then to the second taxable
 15 year following the loss year, and then to the next immediately subse-
 16 quent taxable year or years until the loss is used up or the [twentieth]
 17 fifth taxable year following the loss year, whichever comes first.
 18 § 2. This act shall take effect immediately and shall apply to taxable
 19 years beginning on and after the first of January next succeeding the
 20 date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11013-02-6

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