"Tax reform ate my NOLs!" Many of our clients were surprised to see that the IRC § 965 income inclusion and GILTI reduced or eliminated their state NOLs in New York, Florida, and New Jersey. In this series, we’ll discuss how § 965 and GILTI may have reduced or eliminated your NOLs. Then we will discuss how you can battle back.
In this third video, we’ll explain how taxpayers can restore New Jersey NOLs generated in tax years beginning before 2017 that would have been eliminated in 2017 as a result of the § 965 inclusion.
Client Alert 2020-148