Votes: IL SB3771 | 2021-2022 | 102nd General Assembly
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 Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024.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 or 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 or 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 - Dead) 2022-01-21 - Referred to Assignments [SB3771 Detail]
Text: Latest bill text (Introduced) [HTML]
States not producing parsable votes may be available as images in Supplemental Documents.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-01-21 - Referred to Assignments [SB3771 Detail]
Text: Latest bill text (Introduced) [HTML]
Voting Records
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No roll call record information currently on file. |