Bill Sponsors: IL HB5001 | 2023-2024 | 103rd General Assembly
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. Provides that, 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: (Failed) 2025-01-07 - Session Sine Die [HB5001 Detail]
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 2-0)
Status: (Failed) 2025-01-07 - Session Sine Die [HB5001 Detail]
Text: Latest bill text (Introduced) [HTML]
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 |