HB 3776

Illinois House of Representatives bill in Session 104.

Status: in_committee. Latest action: February 18, 2025.

INC TX-NOL LIMITATION.

Bill ID IL-104-HB-3776

Session 104

Status in_committee

Committee Rules Committee

House of Representatives in_committee 2025-02-18

Tax / Budget / Appropriations

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.

Sponsor

Travis Weaver

Official Source Back to Bills

Actions Timeline

Date	Event	Detail
2025-02-18	Introduced	Bill introduced
2025-02-18	Status	in_committee
2025-02-18	Latest Action	2/18/2025 - House:

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