NY Lawmakers Push Bill to Slash Tax Window for Business Losses

New York lawmakers want to give businesses less time to deduct losses from future or prior years’ profits as part of a package of bills aiming to raise new revenue by cutting down on various state incentives, such as eliminating the sales tax exemptions on gold bars and luxury yachts.

State Sen. Andrew Gounardes, chair of the Committee on Budget and Revenue, introduced legislation this week that would reduce the amount of time businesses can carry net operating losses into the future to five years from 20 years. It also would limit how far back businesses could deduct ...