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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | February 9, 2023 01:41 PM |
|---|---|
| From: | Senator Greg Rothman and Sen. Ryan P. Aument, Sen. Tracy Pennycuick |
| To: | All Senate members |
| Subject: | Increasing the Net Operating Loss Carryover Limitation |
| In the near future, we intend to introduce legislation that helps bring good-paying jobs to the Commonwealth and grow existing Pennsylvania businesses. Currently at an economic disadvantage, Pennsylvania is one of only two states that does not permit businesses to carryover net operating losses (NOLs) consistent with the federal limit. This restriction hurts Pennsylvania job creators and turns away businesses who might otherwise choose to locate in our Commonwealth. For Pennsylvania to compete nationally and attract new businesses, we must address this bad policy. Our legislation will gradually increase the NOL carryover limit from the current 40 percent to 80 percent, bringing it in line with both the federal limitation and the limitations of 48 other states. This phase-in will occur over four years. Increasing the Commonwealth’s NOL carryover limitation is a critical step to ensuring Pennsylvania is a place that businesses want to invest and grow. We ask that you consider co-sponsoring this important piece of legislation. |
Introduced as SB346
Memo Updated: February 9, 2023 01:44 PM