Bill Title: 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.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2025-01-07 - Session Sine Die [SB3488 Detail]

---

Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3488

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3488 currently on file.

Social Comments on IL SB3488