The 2020-21 Spending Plan: Tax Changes

Oct 5, 2020 - Under the budget pa ckage, corporations and individuals that have net business income over $1  million are not allowed to use NOLs to reduce their taxes for 2020, 2021, and 2022. The 2020 ‑21 Budget Act assumes suspending NOLs increases revenues by $1.8  billion in 2020 ‑21.
https://lao.ca.gov/Publications/Report/4270