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HB2861 - 104th General Assembly
DOMESTIC FRANCHISE TAX-REPEAL
Last Action
Statutes Amended In Order of Appearance
805 ILCS 5/15.35from Ch. 32, par. 15.35
Synopsis As Introduced
Amends the Business Corporation Act of 1983. 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, 2027. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2025 | House | Filed with the Clerk by Rep. Tony M. McCombie |
| 2/06/2025 | House | First Reading |
| 2/06/2025 | House | Referred to Rules Committee |
| 3/04/2025 | House | Assigned to Revenue & Finance Committee |
| 3/06/2025 | House | To Tax Policy: Other Taxes Subcommittee |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |