H.B. 198, filed Thursday by Rep. George Dunbar, R-Jeanette, would allow taxpayers to deduct up to 100% of net operating losses from current year income. The additional 60% deduction would be allowed only for losses that were incurred in 2020 and would not apply to losses carried forward from previous years, according to the bill.
The bill, if passed, would take effect immediately.
--Editing by Joyce Laskowski.
For a reprint of this article, please contact firstname.lastname@example.org.