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
|August 6, 1997 — December 30, 2003**||2 years
|December 31, 2003 — December 30, 2021***||None||12 years
|December 31, 2021 — present****
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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