Imposes temporary $1 million cap on use of net operating loss deductions under corporation business tax for certain privilege periods.

Summary

The bill would limit the amount of net operating loss (NOL) deductions a corporation can claim against its business tax to $1 million for certain privilege periods. It targets corporations that currently use larger NOL deductions, aiming to reduce the tax revenue impact of those deductions. The measure was withdrawn and replaced by Assembly Bill A5322.

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