Bill Status of HB 5616   103rd General Assembly

Short Description:  FRANCHISE TAX-REPEAL

House Sponsors
Rep. Jenn Ladisch Douglass

Last Action  View All Actions

DateChamber Action
  1/7/2025HouseSession Sine Die

Statutes Amended In Order of Appearance
805 ILCS 5/15.35from Ch. 32, par. 15.35
805 ILCS 5/15.65from Ch. 32, par. 15.65
805 ILCS 5/15.90from Ch. 32, par. 15.90
805 ILCS 5/15.97from Ch. 32, par. 15.97

Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2025. Provides that all amounts remaining in the Corporate Franchise Tax Refund Fund shall be transferred to the General Revenue Fund no later than December 31, 2025. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2026. Effective immediately.

Actions 
DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Jenn Ladisch Douglass
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  3/5/2024HouseAssigned to Revenue & Finance Committee
  3/8/2024HouseTo Revenue-Income Tax Subcommittee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee
  1/7/2025HouseSession Sine Die

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