IllinoisHB3776104th General Assembly (2025–2026)House

INC TX-NOL LIMITATION

Sponsored By: Travis Weaver

In Committee

Summary

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 immediately.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Travis Weaver

    Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Referred to Rules Committee

    2/18/2025House
  2. First Reading

    2/18/2025House
  3. Filed with the Clerk by Rep. Travis Weaver

    2/7/2025House

Bill Text

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