December 18, 2018 The Tax Cuts and Jobs Act made changes to the tax law, including Net Operating Loss (NOL) rules. Here’s what changed: For most taxpayers, NOLs arising after 2017 can only be carried forward. Certain farming businesses and insurance companies (other than life insurance) can still use a two-year carryback for certain losses. After December 31, 2017, the net operating loss deduction is limited to 80 percent of taxable income. Rules for existing or pre-2018 NOLs remain the same.
