An NOL sustained in one year may be used to reduce the taxable income for another year. For losses arising in tax years beginning after 2017, new NOL rules apply: the NOL deduction is limited to 80% of taxable income for NOLs arising in tax years ending after 2017. These post-2017 NOLs can be carried forward indefinitely but cannot be carried back (with limited exceptions). NOLs arising in tax years ending before 2018 could generally be carried back two years and forward 20 years but longer carryback periods applied in certain cases. pre-2018 NOL carryback rules also allowed taxpayers entitled to an NOL carryback to elect not to use the carryback. 

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