Repeal of the NOL carryback.

For losses incurred in tax years beginning after December 31, 2020, the NOL carryback rules apply only for farming losses and losses from insurance companies, other than life insurance companies. See Definitions and Special Rules, later.

NOL deduction limitation.

For tax years beginning after December 31, 2020, the deduction of NOLs arising in tax years beginning after December 31, 2017, is limited. This limitation does not apply to an insurance company, other than a life insurance company. See the instructions for Line 14."