Illinois HB 3776: SCH CD-CHICAGO-CLASSIFY FUNDS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3776

Introduced 2/18/2025, by Rep. Travis Weaver 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/207 from Ch. 120, par. 2-207

 Amends the Illinois Income Tax Act. Removes a provision providing that no carryover deduction shall exceed $500,000 for any taxable year ending on or after December 31, 2024 and prior to December 31, 2027. Provides that the limitation is inapplicable for all tax years ending on or after December 31, 2024. Effective immediately.

LRB104 10003 HLH 20073 b

A BILL FOR

HB3776LRB104 10003 HLH 20073 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Section 207 as follows:

6 (35 ILCS 5/207) (from Ch. 120, par. 2-207)

7 Sec. 207. Net Losses. 

8 (a) If after applying all of the (i) modifications 

9provided for in paragraph (2) of Section 203(b), paragraph (2) 

10of Section 203(c) and paragraph (2) of Section 203(d) and (ii) 

11the allocation and apportionment provisions of Article 3 of 

12this Act and subsection (c) of this Section, the taxpayer's 

13net income results in a loss;

14 (1) for any taxable year ending prior to December 31, 

15 1999, such loss shall be allowed as a carryover or 

16 carryback deduction in the manner allowed under Section 

17 172 of the Internal Revenue Code;

18 (2) for any taxable year ending on or after December 

19 31, 1999 and prior to December 31, 2003, such loss shall be 

20 allowed as a carryback to each of the 2 taxable years 

21 preceding the taxable year of such loss and shall be a net 

22 operating loss carryover to each of the 20 taxable years 

23 following the taxab