Illinois General Assembly - Bill Status for HB4705
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 Bill Status of HB4705  102nd General Assembly


Short Description:  REVENUE-VARIOUS

House Sponsors
Rep. Jim Durkin

Last Action
DateChamber Action
  1/27/2022HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203
35 ILCS 5/207from Ch. 120, par. 2-207
35 ILCS 405/2from Ch. 120, par. 405A-2
35 ILCS 405/3from Ch. 120, par. 405A-3
35 ILCS 405/4from Ch. 120, par. 405A-4
805 ILCS 5/15.35from Ch. 32, par. 15.35
805 ILCS 5/15.65from Ch. 32, par. 15.65


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 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 Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024.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.

Actions 
DateChamber Action
  1/21/2022HouseFiled with the Clerk by Rep. Jim Durkin
  1/27/2022HouseFirst Reading
  1/27/2022HouseReferred to Rules Committee

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