Tax Glossary

Income remaining from earnings gains profits after all allowable costs, expenses, losses, and allowances for depreciation have been deducted.

Occurs when allowable deductions exceed gross income computed under the law in effect for the loss year. Both state and federal income tax law provide for the carryover of NOLs, although specific provisions vary.

Term used in Proposition 13. New construction is reappraised at its full cash value on the date it is complete and available for use.

Net Operating Loss