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States Limiting Net Operating Loss Carryovers

Only two states in the U.S., New Hampshire and Pennsylvania, restrict businesses from carrying over most of their net operating losses into the following year. These losses, often experienced by startups due to initial hiring and capital costs, can be carried over federally to reduce future tax bills. While 25 states have no cap on the carryover amount, 19 align with the federal limit. However, Pennsylvania has a cap set at 40%.

Efforts are underway in Pennsylvania to increase this cap to 80% over four years, with proposed legislation having already passed the Senate Finance Committee unanimously. Critics of the current cap argue it stifles business growth by maintaining the status quo. The potential revenue loss from increasing the cap is estimated to be significant, but proponents argue it will ultimately boost the state’s economy by allowing businesses to retain more funds.

The debate reflects broader discussions on fiscal policy and economic development, with implications for the state’s ability to attract and retain businesses and residents.


Earl L. Crawford, Jr. 1937-2024

Earl worked for Goodyear Tire and Rubber Company for 30 years before going into business for himself at Crawford Tire from 1981 until 2019.

Dennis W. Flythe 1953-2024

Denny attended Greencastle Antrim High School and graduated from Delaware State University. He focused on providing for his family and creating a legacy.

Arnold W. Wagaman 1939-2024

Arnie was employed at Mack Truck as a quality control specialist until his retirement; a total of 39 years. In his free time, he enjoyed fishing and gardening.

Farm and Garden Penn State Extension

For the week of July 15, 2024 UPCOMING WEBINARS AND EVENTS: Penn State Extension is pleased to continue to provide quality education via a

Who We Are

The Franklin County Free Press, established by Vicky Taylor in 2019, emerged as a beacon of local journalism for the residents of Franklin County. Under Vicky's leadership, it quickly became an essential source of news, particularly at a time when major newspaper publications were increasingly overlooking local coverage.

On January 1, 2022, the torch was passed to Nathan Neil and his firm, Neil Publishing, LLC. Neil, a local entrepreneur with multiple thriving businesses in Chambersburg, shares Vicky's fervent commitment to both the community and the world of local journalism.

Rooted in the heart of Franklin County and powered by its residents, the Franklin County Free Press continues to bridge the gap, ensuring that the local stories, events, and issues that matter most to the community remain in the spotlight.