Section 23 Disallowed Amount of Net Operating Loss Carryback

• Library: Tax Law 2009

As explained in §6.12 above, in 2002, § 143.121.2(d), RSMo, was amended to prevent taxpayers from carrying back net operating losses for more than two years. See § 143.121.2(d), RSMo Supp. 2002. This decoupled the Missouri income tax law from the changes to the federal net operating loss deduction enacted in 2002. In 2004, § 143.121 was amended a second time to allow any net operating loss carryback claimed on a federal return, but disallowed on the Missouri return, to be carried forward and subtracted on...