Legislation Quick Search
04/18/2024 06:03 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=39775
Share:
Home / Senate Co-Sponsorship Memoranda

Senate Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


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