Tax Treatment of Net Operating Losses (NOLs) in the Coronavirus Aid, Relief, and Economic Security (CARES) Act [Updated May 13, 2021] [open pdf - 560KB]
From the Document: "Increased benefits from net operating losses (NOLs) had been discussed as part of the response to the economic effects of the COVID-19 [coronavirus disease 2019] pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) included a provision increasing tax benefits for NOLs. This revision temporarily suspends current rules that were last revised in the 2017 tax revision, popularly known as the Tax Cuts and Jobs Act (TCJA; P.L. 115-97)."
CRS Insight, IN11296
Congressional Research Service: https://crsreports.congress.gov/