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What is the carryback/carryforward period for an Oklahoma NOL?

An Oklahoma net operating loss (NOL) shall be separately determined by reference to Section 172 of the Internal Revenue Code as modified by the Oklahoma Income Tax Act and shall be allowed without regard to the existence of a Federal NOL.  Therefore, for additional information, use the Federal instructions for Form 1045 “Application for Tentative Refund” or Federal Publication 536 “Net Operating Losses (NOLs) for Individuals, Estates, and Trusts”.

        For 1996 through 2000 Oklahoma NOLs, no loss carryback shall be allowed.

         For 1996 through 2000 Oklahoma NOLs, the NOL carryforward shall not exceed 15 years.

        For 2001 through 2007 and for 2009 and subsequent Oklahoma NOLs, the loss carryback period shall be determined solely by reference to Section 172 of the Internal Revenue Code.  An election may be made to forego the Net Operating Loss (NOL) carryback period. A written statement of the election must be part of the timely filed Oklahoma loss year return or to an amended return for the NOL year filed within six months of the due date of your original return (excluding extensions).

         For a 2008 Oklahoma NOL, the loss carryback shall be limited to a period of two years. An election may be made to forego the Net Operating Loss (NOL) carryback period. A written statement of the election must be part of the timely filed Oklahoma loss year return or to an amended return for the NOL year filed within six months of the due date of your original return (excluding extensions).

         For 2001 and subsequent Oklahoma NOLs, the loss carryforward period shall be determined by reference to IRC Section 172.

The loss year return must be filed to establish the Oklahoma Net Operating Loss. If the loss is from a pass-through entity, the pass-through entity must also file a tax return.


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