Yes in NF, they carry it over into the second overtime period and they also pick up an additional one so now they have two. If they had carried over one from the second half, they'd have three at this point. This is documented in the NFHS Handbook, Reddings and the NFHS pre-season handout from last year.
I had a multiple overtime game once and I counted up after the game - we had 21 charged timeouts taken!
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