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 Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2024, and repeals those provisions on January 1, 2025. Effective immediately.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced) 2024-03-15 - Rule 3-9(a) / Re-referred to Assignments [SB1810 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator John Curran [R]	Primary	Sponsored Bills	SD-041	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jason Plummer [R]	Cosponsor	Sponsored Bills	SD-055	FollowTheMoney	Ballotpedia	VoteSmart
Senator Dave Syverson [R]	Cosponsor	Sponsored Bills	SD-035	FollowTheMoney	Ballotpedia	VoteSmart
Senator Win Stoller [R]	Cosponsor	Sponsored Bills	SD-037	FollowTheMoney	Ballotpedia	VoteSmart
Senator Andrew Chesney [R]	Cosponsor	Sponsored Bills	SD-045	FollowTheMoney	Ballotpedia	VoteSmart
Senator Craig Wilcox [R]	Cosponsor	Sponsored Bills	SD-032	FollowTheMoney	Ballotpedia	VoteSmart
Senator Sally Turner [R]	Cosponsor	Sponsored Bills	SD-044	FollowTheMoney	Ballotpedia	VoteSmart
Senator Neil Anderson [R]	Cosponsor	Sponsored Bills	SD-047	FollowTheMoney	Ballotpedia	VoteSmart

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