Veltex Corporation (VLXC)

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Carryforward and Carryback Provisions by State
November 6, 2014

Scott Drenkard Richard Borean

"8 states and the District of Columbia conform to the federal standard of offering 20 years of NOL carryforwards, while eight states offer 15 years. Other states are less generous; Illinois offers 12 years, Kansas, Michigan, New Hampshire, and Vermont offer ten years, Montana offers seven, and Arkansas and Rhode Island only offer five.

Illinois temporarily suspended its NOL deductions entirely in conjunction with a large corporate and individual income tax hike in 2011, but those provisions have since been reinstated. Nebraska and New Mexico this year increased their NOL carryforward provisions from 5 to 20 years as a component of corporate tax reform in those states.


13 states conform to the federal standard of offering 2 years of NOL carrybacks, and three states have a more generous provision of three years. 28 states and the District of Columbia do not allow NOL carrybacks."