IL HB2861 | 2025-2026 | 104th General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 5 2025 - 25% progression
Action: 2025-02-06 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 5 2025 - 25% progression
Action: 2025-02-06 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Business Corporation Act of 1983. Provides that, on or after January 1, 2026 and prior to January 1, 2027, the first $100,000 in liability is exempt from the franchise tax payable by domestic corporations. Provides that, in the case of a domestic corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2027. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2027. Effective immediately.
Title
DOMESTIC FRANCHISE TAX-REPEAL
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2025-02-06 | House | Referred to Rules Committee |
| 2025-02-06 | House | First Reading |
| 2025-02-05 | House | Filed with the Clerk by Rep. Tony M. McCombie |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 805 | 5 | 15.35 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2861&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| Text | https://www.ilga.gov/legislation/104/HB/10400HB2861.htm |
