(1) As used in this section, eligible taxpayer means a taxpayer primarily doing business in 2017 North American Industry Classification System code 111, crop production, or code 112, animal production and aquaculture. (2) After making the addition required under ORS 317.344, an eligible taxpayer may elect to subtract from federal taxable income a deduction for net operating loss carryback. The amount of a net operating loss deduction under this subsection may be carried back to each of the three tax years preceding the tax year in which the loss arises. Note: Section 16 (5), chapter 82, Oregon Laws 2022, provides: Sec. 16. (5) Sections 13 [316.031] and 15 [317.346], chapter 82, Oregon Laws 2022, apply to tax years beginning on or after January 1, 2023, and before January 1, 2029, and to any tax year to which a net operating loss arising in those tax years is carried back.
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