Income/Franchise:
Illinois: Amended Rule Reflects $100K Limitation on C Corporation Net Loss Deduction
Amended 86 Ill. Adm. Code 100.2330, Ill. Dept. of Rev. (eff. 7/12/22). The Illinois Department of Revenue adopted administrative rule changes reflecting legislation enacted in 2021 [see Public Act 102-0016 (S.B. 2017 (2021)), and previously issued Multistate Tax Alert for more details on this legislation] that reinstates a $100,000 limitation on the use of a net loss deduction for C corporations for taxable years ending on or after December 31, 2021, and prior to December 31, 2024. Please contact us with any questions.
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