Bill Title: Amends the Illinois Income Tax Act. Provides that a limitation on carryover deductions for corporations applies for taxable years ending on or after December 31, 2024 and prior to December 31, 2025 (currently, December 31, 2027). Amends the Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2026, and repeals those provisions on January 1, 2027. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-02-07 - Referred to Assignments [SB2276 Detail]

Text: Latest bill text (Introduced) [HTML]

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