Pennsylvania Governor Signs Tax Bill Doubling Net Loss Limit

Pennsylvania Gov. Josh Shapiro (D) signed a tax bill Thursday that doubles the net operating loss carryover limit and expands certain state tax credits.

The bill (SB 654) was signed as part of a broader 2024-25 budget deal lawmakers reached nearly two weeks past a June 30 deadline. The agreement included a total of seven bills ranging from education funding to tourism marketing.

The tax measure, which passed the state House 129-73 and the Senate 43-6, further aligns the state with the federal tax code by gradually increasing the new operating loss limit that can be ...