how did the tax cuts and jobs act tcja affect nol carryforwards 
for tax years 2018 and later the tax cuts and jobs act tcja removed the previously allowed two year carryback provision except for certain farming losses but allowed for an indefinite carryforward period the carryforwards are now limited to 80 of each subsequent year s net income if a business creates nols in more than one year they are to be drawn down completely in the order in which they were incurred before drawing down another nol the coronavirus aid relief and economic security cares act suspended the changes made by the tcja for tax years 2018 2019 and 2020 however the new rules apply for 2021 and onward 1