The New Jersey Division of Taxation is providing details about the net operating loss (NOL) conversion worksheet. The NOL subtraction calculation has been changed from a preallocation to postallocation basis for tax years ending on and after 7/31/19. As part of the change to a postallocation NOL subtraction method, there’s a statutory conversion formula for unused unexpired preallocation NOL carryovers using the allocation factor from the last tax year ending prior to the change. Click here for more information. © 2019

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Source:
“Notice: NOL Conversion Worksheet 500-P.” State of New Jersey Department of the Treasury. December 12, 2018. Accessed January 02, 2019. https://www.state.nj.us/treasury/taxation/wks500p.shtml.