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Proposed regulations pending OIRA review: Consolidated NOLs

Regulations pending OIRA review: Consolidated NOLs

OMB’s Office of Information and Regulatory Affairs (OIRA) has received for review from the U.S. Treasury Department proposed regulations concerning consolidated net operating losses (NOLs).

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The 2017 tax law—Pub. L. No. 115-97, the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA)—revised the rules for NOL deductions.

Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. According to OIRA, the regulations received for review on June 8, 2020, are identified as:

On the OIRA website, the package of proposed regulations is briefly described as: These proposed regulations implement the amendments to section 172 made by Pub. L. 115-97, section 13302 with respect to affiliated groups of corporations that file consolidated returns.

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