AR HB1431

Extends net operating loss (NOL) carryover periods for Arkansas income tax purposes, with different timeframes based on when the loss occurred and effective dates

For tax years beginning January 1, 2016, allows NOL carryover for 6 years; for tax years beginning January 1, 2017 and later, allows NOL carryover for 7 years

Maintains existing 3-year carryover period for NOLs occurring before January 1, 1987, and 5-year period for NOLs occurring between January 1, 1987 and January 1, 2016

Preserves special 15-year carryover provision for qualified medical companies engaged in research, development, manufacture, and distribution of medical products

Makes technical corrections to statutory language throughout the section, changing "shall be" to "is" and "hereinbelow defined" to "as hereinbelow defined" for grammatical clarity