The Tax Cuts and Jobs Act of 2017 eliminated the net operating loss carryback and changed the use of carryforwards.
In 2020, as a result of the economic fallout of the COVID-19 pandemic in the United States, the CARES Act was passed which temporarily and retroactively changed the NOL rules for the tax years between 2018 and 2020.
Section 1211 of the American Recovery and Reinvestment Act of 2009 increased the carryback period for small businesses.
[11][12] Under US GAAP, the amount of net operating losses available for future years is reported in the notes to the financial statements.
For example, Kinross Gold reported $US 893 million of NOL carryforwards available as at December 31, 2014, related to its subsidiaries in Barbados.