HB 272 Illinois House · 93rd Regular Session

INCOME TAX-NET LOSSES

Summary

Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003 and on or before December 30, 2008, net losses shall not be allowed as a carryback and shall be a net operating carryover to each of the 5 taxable years following the taxable year of such loss (now, and beginning again at the end of this period, may carry net losses back for 2 years and carry them forward for 20 years). Effective immediately.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2003

Committee Review

Floor Vote

Governor

Introduced Feb 5, 2003 Last action Jan 11, 2005

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Full legislative history

Actions timeline

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Key actions

Committee

Jan 11, 2005

House · Failed

Session Sine Die

Mar 13, 2003

House · Referred to committee

Rule 19(a) / Re-referred to Rules Committee

Jan 29, 2003

House · Referred to committee

Assigned to Commerce and Business Development Committee

Jan 23, 2003

House · Referred to committee

Referred to Rules Committee

0 primary · 1 co-sponsor