IL HB5616 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2025. Provides that all amounts remaining in the Corporate Franchise Tax Refund Fund shall be transferred to the General Revenue Fund no later than December 31, 2025. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2026. Effective immediately.
Title
FRANCHISE TAX-REPEAL
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
2024-03-08 | House | To Revenue-Income Tax Subcommittee |
2024-03-05 | House | Assigned to Revenue & Finance Committee |
2024-02-09 | House | Referred to Rules Committee |
2024-02-09 | House | First Reading |
2024-02-09 | House | Filed with the Clerk by Rep. Jenn Ladisch Douglass |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
805 | 5 | 15.35 | Amended Code | Citation Text |
805 | 5 | 15.65 | Amended Code | Citation Text |
805 | 5 | 15.90 | Amended Code | Citation Text |
805 | 5 | 15.97 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5616&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB5616.htm |