When can an Illinois Net Loss Deduction (NLD) be used?
Answer #605 -- ( Published 10/27/2006 12:30 PM | Updated 08/08/2012 10:01 AM )
When can an Illinois Net Loss Deduction (NLD) be used?
An Illinois net loss deduction (NLD) can be used to reduce the base income allocable to Illinois only if the loss year return has been filed and to the extent the loss was not used to offset income from any other tax year.