Have questions about COVID-19?
The NJ Poison Control Center and 211 have partnered with the State to provide information to the public on COVID-19:
Call: 2-1-1 for general information (24/7) or 1-800-962-1253 for medical information (24/7)
Text: NJCOVID to 898-211
Visit covid19.nj.gov or nj.gov/health for additional information
The changes to the New Jersey Corporation Business Tax Act under P.L. 2018, c. 48 and P.L. 2018, c. 131, modified the net operating loss subtraction calculation from a pre-allocation to post-allocation basis for tax years ending on and after July 31, 2019. As part of the change to a post-allocation net operating loss subtraction method, the chapter laws include a statutory conversion formula for unused unexpired pre-allocation net operating loss carryovers using the allocation factor from the last tax year ending prior to the change. For example, a business would use the allocation factor calculated on Schedule J of Form CBT-100 for a tax year that ended on July 31, 2018, if the business’s next tax year ends July 31, 2019.
In updating Form-500 for the 2018 returns, the Division of Taxation created Worksheet 500-P to assist taxpayers calculating the converted net operating loss carryovers for the 2019 returns. The 2018 CBT-100, 2018 CBT-100S, and 2018 BFC-1 are the last tax returns on which the net operating loss subtraction calculation is on a pre-allocation basis.