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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: March 11, 2013 03:59 PM
From: Senator Jake Corman
To: All Senate members
Subject: Carryforward of losses by individual taxpayers
 
In the near future, I plan to reintroduce Senate Bill 1354 of last session. This legislation allows for the carryforward of losses by individual taxpayers.

During these difficult financial times, best utilizing our tax code to positively impact job creators is paramount. Current Commonwealth state statute does allow for carryforward of losses by corporations, but does not provide the same policy for individual tax payers.

My proposal amends the tax reform code by allowing a taxpayer to carry forward a loss within a class of income over a period of three years.

There is no question that Pennsylvania is losing entrepreneurs. I believe this proposal will reverse the loss of job creators and directly lead to job growth by creating a more fair tax system.

If you have any questions, please contact Scott Sikorski in my office at 787-1377 or ssikorski@pasen.gov.



Introduced as SB1019