INC TX-NOL LIMITATION
Sponsored By: Travis Weaver (Republican)
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
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Referred to Rules Committee
2/18/2025HouseFirst Reading
2/18/2025HouseFiled with the Clerk by Rep. Travis Weaver
2/7/2025House
Bill Text
Introduced
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