Under S.B. 578, the state would add to federal adjusted gross income the net operating loss deductions for taxable years beginning after Dec. 31, 2013, but before Jan. 1, 2021, that a taxpayer could claim under the Internal Revenue Code as modified by the CARES Act
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A taxpayer would also have to add back excess business loss amounts for taxable years beginning after Dec. 31, 2017, but before Jan. 1, 2021, that would otherwise be allowed under the CARES Act.
Additionally, a taxpayer would have to add back interest expense deductions for taxable years beginning after Dec. 31, 2018, but before Jan. 1, 2021, that would otherwise be allowed under the CARES Act.
The bill's provisions would be applicable for taxable years beginning after Dec. 31, 2020, but before Jan. 1, 2022.
The bill was introduced by Sen. Cory McCray, D-Baltimore.
--Editing by Neil Cohen.
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