Personal Income Tax
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.