Title 44
Taxation

Chapter 30
Personal Income Tax

Part VI
Procedure and Administration

R.I. Gen. Laws 44-30-87.1



 44-30-87.1.  Net operating loss — Limitation.

A net operating loss deduction shall be allowed which shall be the same as the net operating loss deduction allowed under 172 of the Internal Revenue Code, 26 U.S.C. 172, except that: (1) any net operating loss included in determining the deduction shall be adjusted to reflect the modifications increasing and decreasing adjusted gross income required by 44-30-12 and 44-30-32; (2) the deduction shall not include any net operating loss sustained during any taxable year beginning in which the taxpayer was not subject to the tax imposed by this chapter; and (3) the deduction shall not exceed the deduction for the taxable year allowable under 172 of the Internal Revenue Code, 26 U.S.C. 172; provided, notwithstanding any other provision of law, the deduction for a taxable year may not be carried back to any other taxable year for Rhode Island purposes but shall only be allowable on a carry forward basis for the number of succeeding taxable years allowed under 172 of the Internal Revenue Code, 26 U.S.C. 172.

History of Section.
P.L. 2002, ch. 65, art. 16, 6.