|Posted:||January 16, 2013 10:55 AM|
|From:||Senator Jay Costa|
|To:||All Senate members|
|Subject:||Increasing the Ceiling on the Net Operating Loss|
|Please join me in sponsoring legislation introduced as SB694 in the 2011-2012 legislative session by Senators COSTA, TARTAGLIONE, HUGHES, FONTANA, SOLOBAY, GREENLEAF, BOSCOLA, YUDICHAK, BREWSTER, FARNESE, KASUNIC, FERLO, WOZNIAK, LEACH and WASHINGTON, to help Pennsylvania business by increasing the ceiling on the Net Operating Loss (NOL). The NOL is an important tool for new and early-stage businesses that may have suffered losses in their early years of development. The legislation proposes increasing the ceiling for NOL claims from $3 to $5 million and from 20% to 25% of taxable income.
Pennsylvania’s economic recovery remains fragile and unsteady. It is critical that we pursue policies that stimulate the economy, move business forward and create jobs even in the midst of difficult fiscal times.
This bill is one part of a legislative package called PA Works that is designed to create 28,000 new jobs, leverage over $2 billion in new private investment and save $150 million.
I hope you will join me in sponsoring this important legislation.
Thank you for your attention to this matter.
Introduced as SB233