SB 79 Illinois Senate · 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

Jan 2003

Committee Review

Floor Vote

Governor

Introduced Jan 22, 2003 Last action Jan 11, 2005

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Full legislative history

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Committee

Jul 1, 2003

Committee

Pursuant to Senate Rule 3-9(b) / Referred to Rules

upper

Apr 3, 2003

Committee

Re-referred to Rules

upper

Apr 3, 2003

Committee

Assigned to Executive

upper

Jan 22, 2003

Committee

Referred to Rules

upper

0 primary · 1 co-sponsor