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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).     

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

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