Salinas Valley Enterprise Zone |
Net Operating Loss CarryoverBusinesses located within the Enterprise Zone may carry Net Operating Losses forward for up to 15 years. However, they may not generate a Net Operating Loss before the first taxable year beginning on or after January 30, 2009. The Net Operating Loss deduction may only be used to offset business income attributable to operations within the Enterprise Zone, and only the portion of a businesses’ Net Operating Loss generated within an Enterprise Zone may be carried forward. The business must elect and designate the Net Operating Loss as an Enterprise Zone Net Operating Loss on the original return for the year of the loss; this election is irrevocable. Please note that this benefit has been suspended for taxable years beginning in 2008 and 2009 for corporations and individuals with a taxable income or net business income of $500,000 or more. However, businesses may continue to compute and carryover Net Operating Losses during this time period. Contact UsFor additional information on our firm and how we can assist you, please click here to contact us. We respond promptly to all inquires and look forward to hearing from you! |
