Illinois HB3776 repeals a limitation on carryover deductions for net operating losses incurred after December 31, 2024.

HB3776 amends the Illinois Income Tax Act by removing a cap on carryover deductions for net operating losses. Specifically, it eliminates the $500,000 limitation on carryover deductions for taxable years ending after December 31, 2024. This change applies to all tax years beginning on or after that date, allowing taxpayers to carry over their net operating losses without the previous cap. The bill takes effect immediately upon becoming law.

Illinois HB3776 repeals a limitation on carryover deductions for net operating losses incurred after December 31, 2024.

HB3776 amends the Illinois Income Tax Act by removing a cap on carryover deductions for net operating losses. Specifically, it eliminates the $500,000 limitation on carryover deductions for taxable years ending after December 31, 2024. This change applies to all tax years beginning on or after that date, allowing taxpayers to carry over their net operating losses without the previous cap. The bill takes effect immediately upon becoming law.