Bill Title: Amends the Business Corporation Act of 1983. Provides that, on or after January 1, 2025 and prior to January 1, 2026, the first $10,000 in liability is exempt from the franchise tax payable by domestic corporations. On or after January 1, 2026 and prior to January 1, 2027, the first $100,000 in liability is exempt from the franchise tax payable by domestic corporations. Provides that, in the case of a domestic corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2027. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2028. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-02-22 - Added Co-Sponsor Rep. Tony M. McCombie [HB5001 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Steven Reick [R]	Primary	Sponsored Bills	HD-063	FollowTheMoney	Ballotpedia	VoteSmart
Representative Tony McCombie [R]	Cosponsor	Sponsored Bills	HD-089	FollowTheMoney	Ballotpedia	VoteSmart

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