North Carolina changes its method for calculating net economic loss

The North Carolina Department of Revenue ("Department") issued guidance regarding the change in computing the state's net economic loss. Previously, certain non-taxable income items were considered in the computation of net economic loss. The Department has revised its interpretation, recognizing that any allowable deduction, although not taxable, may not reduce a loss in the year it was created. [Important Changes in Computing Net Economic Loss, North Carolina Department of Revenue (8/17/12)]