The net operating loss (NOL) deduction is currently: 1) the total of the NOLs arising before 1/1/18 that are carried to that year, and 2) the lesser of the total of the NOLs arising after 12/31/17 or 80% of taxable income less pre-2018 NOLs. New proposed and temporary IRS regs offer guidance to consolidated groups on applying the 80% limitation. The Tax Cuts and Jobs Act largely eliminated NOL carrybacks and allowed NOLs to be carried forward indefinitely. The CARES Act allows some NOLs to be carried back 5 years. The new regs allow certain acquiring consolidated groups to elect to waive all or part of the pre-acquisition portion of the extended carryback period for some losses.