In 2020 , the CARES Act temporarily and retroactively changed the NOL rules again :
Under the CARES Act , an NOL from a tax year beginning in 2018 , 2019 or 2020 can be carried back five years - noting that taxpayers could make an election to waive the carryback period and only carry NOLs from these years forward
NOLs generated in 2018 , 2019 and 2020 are not subject to the 80 % -of-income limitation if exhausted during the five-year carryback period
NOLs generated in 2018 , 2019 and 2020 are still subject to the TCJA 80 % -of-income limitation if they are carried forward to a year in which the limitation applies ( generally tax years beginning after 2020 )
The five-year carryback provision expired for tax years beginning in 2021