Illinois 97th Regular Session Status: In Committee 1 R cosponsors

HB 4038 — INC TX-NOL CARRYFORWARD

Last action — Session Sine Die

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Added Co-Sponsor Rep. Mike Bost

  4. Added Co-Sponsor Rep. Darlene J. Senger

  5. Added Co-Sponsor Rep. Jason Barickman

  6. Added Co-Sponsor Rep. Sandy Cole

  7. Added Co-Sponsor Rep. Wayne Rosenthal

  8. Added Chief Co-Sponsor Rep. Kent Gaffney

  9. Added Chief Co-Sponsor Rep. Paul Evans

  10. Assigned to Revenue & Finance Committee

  11. Added Chief Co-Sponsor Rep. Michael Unes

  12. Referred to Rules Committee

  13. First Reading

  14. Added Chief Co-Sponsor Rep. Dwight Kay

  15. Filed with the Clerk by Rep. Jil Tracy

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 4038 do?
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.
Who sponsors HB 4038?
HB 4038 is sponsored by Jil Tracy (Republican).
What is the current status of HB 4038?
This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 4038?
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Last checked for changes 3 months ago · updated continuously

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