Massachusetts - Certain NOLs generated by QSubs prior to their treatment as disregarded entities may be carried forward and used by the parent S corporation

On June 27, 2012, the Massachusetts Department of Revenue finalized a directive setting forth how, for taxable years beginning on or after January 1, 2009, an S corporation determining its entity-level excise tax on net income is to calculate and apply NOL carryforwards generated in prior years by its QSubs.