Modifications for Net Operating Losses The CARES Act modifies the NOL provisions in a number of taxpayer-favorable ways to provide businesses with relief. [8] Significantly, the section modifies the ...

Under Code Section 172[9] as revised by the TCJA, for most taxpayers, NOLs arising in taxable years beginning after Dec. 31, 2017, generally were not allowed to be carried back to prior taxable years.