Bill Status of HB5526

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HB5526 - 104th General Assembly

DOMESTIC FRANCHISE TAX-REPEAL
Last Action
2/13/2026 - House: Referred to Rules Committee
House Sponsors
Rep. Brandun Schweizer and Tony M. McCombie
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, 2027 and prior to January 1, 2028, 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, 2028. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2028. Effective immediately.
Actions
Date Chamber Action
2/06/2026 House Filed with the Clerk by Rep. Brandun Schweizer
2/13/2026 House First Reading
2/13/2026 House Referred to Rules Committee
3/02/2026 House Added Co-Sponsor Rep. Tony M. McCombie