This version of the form is not currently in use and is provided for reference only. Download this version of Form NYC-NOLD-GCT for the current year.
This is a legal form that was released by the New York City Department of Finance - a government authority operating within New York City. As of today, no separate filing guidelines for the form are provided by the issuing department.
Q: What is the NYC-NOLD-GCT deduction?
A: The NYC-NOLD-GCT deduction is the Net Operating Loss Deduction for the General Corporation Tax in New York City.
Q: What is the General Corporation Tax?
A: The General Corporation Tax (GCT) is a tax imposed on corporations in New York City.
Q: What is a Net Operating Loss?
A: A Net Operating Loss (NOL) is when a company's allowable deductions exceed its taxable income.
Q: How is the NYC-NOLD-GCT deduction computed?
A: The NYC-NOLD-GCT deduction is computed using the formula provided by the New York City Department of Finance.
Q: Who is eligible for the NYC-NOLD-GCT deduction?
A: Corporations that have a net operating loss in New York City are eligible for the NYC-NOLD-GCT deduction.
Q: Can the NYC-NOLD-GCT deduction be carried forward or back?
A: Yes, the NYC-NOLD-GCT deduction can be carried forward up to 15 years and carried back up to 3 years.
Q: Are there any limitations on the NYC-NOLD-GCT deduction?
A: Yes, there are certain limitations and restrictions on the NYC-NOLD-GCT deduction, which are determined by the New York City Department of Finance.
Form Details:
Download a printable version of Form NYC-NOLD-GCT by clicking the link below or browse more documents and templates provided by the New York City Department of Finance.