Bill Status of HB 4038   97th General Assembly

Short Description:  INC TX-NOL CARRYFORWARD

House Sponsors
Rep. Jil Tracy-Dwight Kay-Michael Unes-Paul Evans-Kent Gaffney, Wayne Rosenthal, Sandy Cole, Jason Barickman, Darlene J. Senger and Mike Bost

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/207from Ch. 120, par. 2-207

Synopsis As Introduced
Amends the Illinois Income Tax Act. Removes a provision limiting the net loss carryover deduction to $100,000 for any taxable year ending on or after December 31, 2012 and prior to December 31, 2014. Provides that, for any taxable year ending on or after December 31, 2012, such a loss is allowed as a carryback to each of the 2 taxable years preceding the taxable year of the loss and is allowed as a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss. Effective immediately.

Actions 
DateChamber Action
  1/23/2012HouseFiled with the Clerk by Rep. Jil Tracy
  1/25/2012HouseAdded Chief Co-Sponsor Rep. Dwight Kay
  1/25/2012HouseFirst Reading
  1/25/2012HouseReferred to Rules Committee
  1/26/2012HouseAdded Chief Co-Sponsor Rep. Michael Unes
  2/7/2012HouseAssigned to Revenue & Finance Committee
  2/28/2012HouseAdded Chief Co-Sponsor Rep. Paul Evans
  2/28/2012HouseAdded Chief Co-Sponsor Rep. Kent Gaffney
  2/28/2012HouseAdded Co-Sponsor Rep. Wayne Rosenthal
  2/28/2012HouseAdded Co-Sponsor Rep. Sandy Cole
  2/28/2012HouseAdded Co-Sponsor Rep. Jason Barickman
  2/28/2012HouseAdded Co-Sponsor Rep. Darlene J. Senger
  2/28/2012HouseAdded Co-Sponsor Rep. Mike Bost
  3/9/2012HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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