IL SB3771 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-01-21 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Makes changes concerning the federal depreciation deduction and net operating losses to restore provisions that were in effect prior to Public Act 102-16. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying on or after the effective date of the amendatory Act or for transfers made on or after the effective date of the amendatory Act. Amends the Business Corporation Act of 1983. Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024. Provides that, on or after January 1, 2022 and prior to January 1, 2023, the first $10,000 in liability is exempt from the franchise tax. Provides that, on or after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the franchise tax. Effective immediately.

Tracking Information

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Title

REVENUE-VARIOUS

Sponsors


History

DateChamberAction
2022-01-21SenateReferred to Assignments
2022-01-21SenateFirst Reading
2022-01-21SenateFiled with Secretary by Sen. Dan McConchie

Code Citations

ChapterArticleSectionCitation TypeStatute Text
354052Amended CodeCitation Text
354053Amended CodeCitation Text
354054Amended CodeCitation Text
355203Amended CodeCitation Text
355207Amended CodeCitation Text
805515.35Amended CodeCitation Text
805515.65Amended CodeCitation Text

Illinois State Sources


Bill Comments

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