IL HB4490

Extends net operating loss carryback periods from 2 to 7 taxable years for losses incurred between December 31, 1999 and December 31, 2003.

Extends net operating loss carryover periods from 20 to 25 taxable years for losses incurred between December 31, 1999 and December 31, 2003.

Extends net operating loss carryover periods from 12 to 17 taxable years for losses incurred on or after December 31, 2003.

Allows taxpayers to elect to relinquish the carryback period for losses incurred before December 31, 2003, with the election being irrevocable once made.

Prohibits corporations (other than S-corporations) from claiming net operating loss carryover deductions for tax years ending after December 31, 2010 and before December 31, 2012, and caps such deductions at $100,000 annually for tax years ending after December 31, 2012 and before December 31, 2014.