August 8, 2002 |
By
Keith Martin in Washington, DC
PENNSYLVANIA moved in June to allow corporations to sell unused tax losses to another company for an amount equal to at least 75% of the transferred tax benefits.
A bill passed the House of Representatives. The measure authorizes the state tax and economic development agencies to allow a company to transfer up to $5 million a year. It faces an uncertain future in the state Senate. A Senate aide said action in unlikely this year and the outlook next year “depends on how the budget looks.”
