Bill Title: 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 Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024.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 and 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 and after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the franchise tax. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2023-02-08 - Referred to Assignments [SB1535 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-02-08	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB1535

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1535 currently on file.

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