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Regola Backs Elimination of Tax Cap
Ending NOL Limit Key to
Business Competitiveness, Job Creation
HARRISBURG -- Senator
Bob Regola, R-39th District, joined Pennsylvania state legislators and business
leaders from the Pittsburgh area to call for eliminating the cap on the net
operating loss (NOL) carry-forward provision in the state's business tax code.
Speaking at a news conference
today (June 28) in the state capitol, Senator Regola called the cap job-crushing
and unfair to businesses, adding that it makes Pennsylvania’s businesses less
competitive with other states.
“Throughout my career as an
elected official I have always fought against unfair taxation against both
individuals and businesses,” Senator Regola said. “That’s why, once again, I am
very proud to join in the fight, so we can take a step forward in improving
Pennsylvania’s economy, Pennsylvania’s competitive position in the country, and
in attracting as well as retaining good-paying jobs and family-sustaining jobs.”
He pledged his support for a
measure that would remove the cap on NOLs and allow Pennsylvania employers that
have experienced significant losses in recent years to carry forward those
losses without opening their prior years' tax returns.
"Unless we take this action,
Pennsylvania will be one of only three states that limits the NOL
carry-forward,” Senator Regola said. “If we want businesses to stay in the
Commonwealth we must make our tax climate more competitive.”
Pennsylvania currently has a
yearly cap of $2 million. Senator Regola said eliminating the cap would provide
greater opportunities for businesses, especially start-ups that experience
losses in their early years, as well as firms that are impacted by fluctuations
in the economy.
“This measure is especially
crucial to information technology and life science start-up companies, which
often take many years to become profitable,” Senator Regola said.
 
# # #
Sen. Bob Regola
joined legislators and business leaders
from the Pittsburgh area to call for eliminating the cap on the net
operating loss (NOL) carry-forward provision in the state's business tax
code.
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