Arizona: New law updates Internal Revenue Code conformity date; decouples from §108(i) & five-year NOL carrybacks
Effective on 7/29/10, Arizona's decouples §108(i)& five-year NOL carrybacks.
Deferral of recognition of income from discharge of certain business indebtedness as enacted by the federal American Recovery and Reinvestment Act of 2009 (ARRA) under IRC Sec. 108(i), with necessary adjustments in current and future years provided in the addition and subtraction provisions for both individuals and businesses; and
Five-year net operating loss (NOL) carryback provisions for businesses under both the ARRA and the Worker, Homeownership, and Business Assistance Act of 2009 (WHBAA).
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