by H2R CPA Team
Pennsylvania clarifies the limit on corporate net operating loss deductions. The Department of Revenue said it won’t apply a $3 million cap to tax years starting before Jan. 1, 2017. This follows the Pennsylvania Supreme Court Nextel ruling that the limit violated the state constitution. However, the greater of that cap or a percentage limit will apply for tax years starting after Dec. 31, 2006, and through Dec. 31, 2016. For tax years starting before Jan. 1, 2007, the flat dollar cap will apply. Read details here: https://bit.ly/2s8Cs0J
Pennsylvania clarifies the limit on corporate net operating loss deductions. The Department of Revenue said it won’t apply a $3 million cap to tax years starting before Jan. 1, 2017. This follows the Pennsylvania Supreme Court Nextel ruling that the limit violated the state constitution. However, the greater of that cap or a percentage limit will apply for tax years starting after Dec. 31, 2006, and through Dec. 31, 2016. For tax years starting before Jan. 1, 2007, the flat dollar cap will apply. Read details here: https://bit.ly/2s8Cs0J
Contact H2R CPA at 412-391-2920 or team@h2rcpa.com for more information on state, local and Federal tax planning and strategy for closely held businesses. Our team would be pleased to provide a complimentary consultation.
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