|Posted:||November 9, 2021 11:32 AM|
|From:||Representative Melissa L. Shusterman|
|To:||All House members|
|Subject:||Uncapping Corporate Net Income Tax Net Operating Loss Carry-Forward|
|Pennsylvania has the opportunity to reward investments in high-tech, high-wage jobs by maximizing the Corporate Net Income Tax (CNIT) Net Operating Loss (NOL) Carry-Forward – or, allowing companies that invest in new technology to more quickly write off more of that investment on their taxes.
Pennsylvania is one of only two states that cap the NOL deduction. I propose that the commonwealth removes the NOL deduction cap to benefit corporations that have large up-front investments or experience cyclical losses over time – businesses such as biotechnology and medical companies that take the most risk in research and development of groundbreaking technology like new vaccines and medical advances. As a commonwealth, we should prioritize these developments and encourage more companies to grow and create jobs here.
Please join me in co-sponsoring this legislation to promote innovation, business and job growth in Pennsylvania.