Illinois General Assembly - Bill Status for SB0079
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 Bill Status of SB0079  93rd General Assembly

Short Description:  INCOME TAX-NET LOSSES

Senate Sponsors
Sen. Patrick Welch - Carol Ronen

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/207from Ch. 120, par. 2-207

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003 and on or before December 30, 2008, net losses shall not be allowed as a carryback and shall be a net operating carryover to each of the 5 taxable years following the taxable year of such loss (now, and beginning again at the end of this period, may carry net losses back for 2 years and carry them forward for 20 years). Effective immediately.

DateChamber Action
  1/22/2003SenateFiled with Secretary by Sen. Patrick Welch
  1/22/2003SenateFirst Reading
  1/22/2003SenateReferred to Rules
  4/3/2003SenateAssigned to Executive
  4/3/2003SenateRe-referred to Rules
  4/3/2003SenateApproved for Consideration Rules
  4/3/2003SenatePlaced on Calendar Order of 2nd Reading April 4, 2003
  4/3/2003SenateAdded as Chief Co-Sponsor Sen. Carol Ronen
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  4/9/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to December 31, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  1/11/2005SenateSession Sine Die

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