How HB 1515 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill extends the carryover periods for net losses by an additional 5 years.

• 35 ILCS 5/207

  20 → 25

  Increases the carryover period for net operating losses from 20 years to 25 years for losses incurred in taxable years ending on or after December 31, 1999 and prior to December 31, 2003.

• 35 ILCS 5/207

  12 → 17

  Increases the carryover period for net operating losses from 12 years to 17 years for losses incurred in taxable years ending on or after December 31, 2003.