IL SB3488 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-21 - Added as Co-Sponsor Sen. Neil Anderson
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-21 - Added as Co-Sponsor Sen. Neil Anderson
Pending: Senate Assignments 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. Repeals on January 1, 2026 the provisions in the Act that establish the corporate franchise tax. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately.
Title
FRANCHISE TAX-REPEAL
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-21 | Senate | Added as Co-Sponsor Sen. Neil Anderson |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Win Stoller |
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 | 15.98 | New Code | See Bill Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3488&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB3488.htm |
