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CityGrow Inc., a growth - stage agricultural company, reported a net operating loss ( NOL ) of $ 2 5 . 0 million in 2

CityGrow Inc., a growth-stage agricultural company, reported a net operating loss (NOL) of $25.0 million in 2017 and another loss of $13.0 million in 2019. Given the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) on the treatment of NOLs, if CityGrow reports taxable income of $37.0 million in 2023, what is the maximum amount of taxable income that the company can offset using its NOLs?
$2.4 million
$25.0 million
$34.6 million
$37.0 million

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