Philadelphia – Thursday December 13th – City Council passed a bill that that would expand the time period in which a business can carry-forward net operating losses. This bill is a part of the continued efforts of Councilman Al Taubenberger (At Large) to improve the tax structure that effects our business community.
Bill No. 180909, introduced by Councilman Taubenberger, would extend the net operating loss carry-forward period to twenty years in the city of Philadelphia. This adjustment brings us in line with the rest of the commonwealth, and makes our city more competitive for businesses to come to – or stay in.
”This is a real victory for our business community, especially for our small business community. While it is a small change, this will have big implications for the future. This legislation would allow businesses to better plan for the future years, especially if we hit an economic downturn. Giving a business the leverage to survive and to continue to grow is what we need in this City.” said Councilman Taubenberger regarding some of the advantages of the passage of this bill.
Councilman Taubenberger believes that we can take positive steps to make impactful change on every level. These steps will make this a more business-friendly city – and create stronger upward economic momentum for all of the citizens of Philadelphia.
“The stronger our business community is, the more jobs it will create, leading to more Philadelphians having good paying jobs. Providing economic freedom for Philadelphians is one of my biggest goals, and I know a stronger sense of stability for our business community will only encourage them to grow.” said Councilman Taubenberger.
The next step for this legislation is working with the Pennsylvania General Assembly to change state law. Currently, the state limits Philadelphia to a net operating loss period of three years – legislation that dates back to the early 1980s. “It is time to bring the commonwealth and the city together and make some real change that will benefit our city.”