Business Loss Carryforward and Small Business Credit Clarified
Public Act 312 of 2011 (H.B. 4949), effective January 1, 2012 removes language from the business loss deduction that limits the carryforward of the loss to not more than 10 tax years after the loss year. The business loss can still be carried forward to the year succeeding the loss year and then to the next nine years.
Public Act 313 of 2011 (H.B. 4950), both effective January 1, 2012 removes language from the small business credit so that its calculation is clarified.