Bill Status of HB3205 103rd General Assembly
Short Description: REVENUE-VARIOUS
Rep. Tony M. McCombie, Jeff Keicher and Tom Weber
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.