13Įffective for January 1, 2020, the corporate income tax rate is 4.8 percent for taxable income up until $500,000. “Worldwide combined group”-all members of a unitary group, except exempt corporations, irrespective of the country in which corporations are incorporated or conduct business activity.“Water’s edge group”-corporations that are part of a unitary group, except exempt corporations and 80/20 corporations (corporations wherever organized or incorporated that have less than 20 percent of their property, payroll, and sales sourced to locations within the United States, following UDITPA).“Net operating loss deduction”-portion of the NOL carryover that may be deducted from the taxpayer’s apportioned net income, including the 80 percent limitation of IRC section 172(a) calculated based on the taxpayer’s apportioned net income.“Grandfathered net operating loss carryover”-amount properly reported to New Mexico for taxable years beginning January 1, 2013, and before January 1, 2020, as part of a timely filed original return or amended return, apportioned to New Mexico using the apportionment factors utilized in the year of the loss.The amount of the NOL attributed to an entity that has left the filing group Īnd the amount of the NOL deductions properly taken by the taxpayer. The portion of the apportioned net loss properly reported for a taxable year beginning on or after Januon a separate return, to the extent the taxpayer would have been entitled to include the portion of apportioned net loss in the taxpayer’s consolidated NOL carryforward under the IRC if the taxpayer filed a consolidated federal return Īnd the taxpayer’s grandfathered NOL carryover, ![]() “Net operating loss carryover”- apportioned net loss for tax years beginning on or after January 1, 2020
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