· IL legislature · 104th

INC TX-NOL LIMITATION

Amends the Illinois Income Tax Act. Removes a provision providing that no carryover deduction shall exceed $500,000 for any taxable year ending on or after December 31, 2024 and prior to December 31, 2027. Provides that the limitation is inapplicable for all tax years ending on or after December 31, 2024. Effective…

Sponsor

Travis Weaver (R-IL)

Introduced

2025-02-07

Policy area

Taxation

Latest action

Referred to Rules Committee