SB 3488

  • Illinois Senate Bill
  • 103rd Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Franchise Tax-Repeal

Abstract

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. Repeals on January 1, 2026 the provisions in the Act that establish the corporate franchise tax. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately.

Bill Sponsors (2)

Votes


No votes to display

Actions


Feb 21, 2024

Senate

Added as Co-Sponsor Sen. Neil Anderson

Feb 09, 2024

Senate

Filed with Secretary by Sen. Win Stoller

Senate

First Reading

Senate

Referred to Assignments

Bill Text

Bill Text Versions Format
Introduced HTML PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated periodically throughout the day from the official website of the Illinois General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.