HARRISBURG – The PA Chamber of Business and Industry led a coalition of over 70 chambers of commerce across the state to improve PA’s economic competitiveness by eliminating the state’s tax penalty on start-up businesses. In a letter to the governor and legislative leaders, the coalition cited the negative impact of PA’s current business tax and regulatory climate, noting the state ranks among the worst in the nation for job seekers and key economic indicators. They emphasized the importance of increasing the cap on Net Operating Loss or NOL deductions, which allow businesses to offset their tax liabilities with previous losses, as a means to attract more employers and reduce hurdles to entrepreneurship and business growth. Net operating loss reform has emerged as a bipartisan priority in the state House and Senate. The letter points out that 24 states have no cap on NOLs. You can read their letter by clicking on the banner below..
