back up to five years, resulting in tax refunds from prior years. Also, for the same time period, NOLs could once again be used 100% in order to reduce a taxpayer's income to zero. Prior to passage of the 2017 Act, NOLs could be carried back to the two tax years before the NOL year. For example, the tax loss from 2015 could be carried back to 2013 or 2014. Any remaining amount could be carried forward for up to 20 years. The taxpayer could elect to waive the carryback and therefore carry all of the loss to future years. Once the 20-year carryforward period expires, the taxpayer would not be able to deduct any part of the remaining NOL. For tax years prior to 2018, the carryback period for certain NOLs is greater than two years: 3-year carryback period losses from casualty or theft farm or small business losses related to a federally declared disaster qualified small business losses 5-year carryback period farm losses qualifying disaster losses (corporations only) 10-year carryback period losses related to product liability claims decommissioning of a nuclear power plant - (corporations only) losses related to reclamation of land and dismantling of drilling platforms losses related to environmental contamination and workers compensation act payments Qualified Gulf Opportunity Zone (GO Zone) losses - (corporations only) If the corporation has a corporate equity reduction transaction, a different carryforward period may apply. Section 1211 of the American Recovery and Reinvestment Act of 2009 increased the carryback period for small businesses. For net operating losses incurred in 2008, the carryback period was increased to 5 years. Financial statement reporting 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. See also Notes Taxation in the United States Internal Revenue Code