The Senate Finance Committee approved a measure that would ultimately eliminate the cap on the amount of losses corporations can write off against income in future years. The sponsor of the bill (SB 598), Sen. Bob Mensch, R-Berks, said he introduced it in anticipation of the Supreme Court’s Nov. 23, 2015, decision in Nextel Communications of the Mid-Atlantic v. Commonwealth, which could result in the elimination or change in the cap.
The case is the state’s appeal of last November’s Commonwealth Court ruling that the net operating provision (NOL) violates the state Constitution as it’s applied unevenly and unfairly.
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