SB 1199 Summary

• Amends Arizona Revised Statutes section 43-1123 to extend the net operating loss (NOL) carryover period from 5 years to 20 years for NOLs arising in taxable periods beginning after December 31, 2010.

• Maintains the 5-year carryover period for net operating losses arising in taxable periods through December 31, 2010.

• Changes terminology in the statute from "deduction" to "subtraction" regarding net operating loss calculations.

• Applies retroactively to all taxable years beginning from and after December 31, 2010.