STATE OF NEW YORK
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7877
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
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] one taxable
5 [years] year preceding the taxable year of the loss ("the loss year").
6 However no loss can be carried back to a taxable year beginning before
7 January first, two thousand [fifteen] twenty-four. [The loss is first
8 carried to the earliest of the three taxable years. If it is not entire-
9 ly used in that year, it is carried to the second taxable year preceding
10 the loss year, and any remaining amount is carried to the taxable year
11 immediately preceding the loss year.] Any unused amount of loss then
12 remaining may be carried forward for as many as [twenty] five taxable
13 years following the loss year. Losses carried forward are carried
14 forward first to the taxable year immediately following the loss year,
15 then to the second taxable year following the loss year, and then to the
16 next immediately subsequent taxable year or years until the loss is used
17 up or the [twentieth] fifth taxable year following the loss year, which-
18 ever comes first.
19 § 2. This act shall take effect immediately and shall apply to taxable
20 years beginning on and after January 1, 2025.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11013-01-5
