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Pennsylvania State Senate
04/25/2024 04:09 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=23632
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: April 13, 2017 07:14 PM
From: Senator Jake Corman
To: All Senate members
Subject: Carryforward of losses by individual taxpayers
 
In the near future, I plan to introduce legislation that will allow for the carryforward of losses by individual taxpayers.

Current Commonwealth statute does allow for carryforward of losses by corporations, but does not provide the same policy for individual tax payers. My proposal seeks to amend the tax reform code by allowing a taxpayer to carry forward a loss within a class of income over a period of three years.

I believe this proposal will reverse the loss of job creators in Pennsylvania and directly lead to job growth by creating a more fair tax system.

If you have any questions with regard to this cosponsorship memo, please contact my office.

Introduced as SB1009