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What are the limitations for using an Illinois Net Operating Loss?

 

Tax Years Ending Carry Back Carry Forward
December 31, 1986* — August 5, 1997 3 years 
 15 years 
August 6, 1997 — December 30, 2003** 2 years 
 20 years 
December 31, 2003 — December 30, 2021*** None 12 years 
​December 31, 2021 — present****
 ​None
 ​20 years

NOTE: For any net loss that has not expired as of November 16, 2021, the carryover period shall be extended from 12 years to 20 years. 

*December 31, 1986 is the first tax year a net loss deduction (NLD) was allowed and is the earliest date NLDs may be carried back to.

**You may make the election to forgo the carryback period for these years; however, once the election is made, it is irrevocable.

***Tax years ending on or after December 31, 2010 and before December 31, 2012 – NLD is suspended for corporations (other than S corporations). Tax years ending on or after December 31, 2012 and before December 31, 2014 – NLD is limited to $100,000 per year for corporations (other than S corporations).  

****Tax years ending on or after December 31, 2021 and before December 31, 2024 – NLD is limited to $100,000 for corporations (other than S corporations). Tax years ending on or after December 31, 2024 and before December 31, 2027 – NLD is limited to $500,000 for corporations (other than S corporations).   

For more information see the instructions for your specific return type on our Business Income Tax Forms web page.

If you have additional inquiries, you may submit them on the Questions, Comments, or Requests form.