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HB2846 - 104th General Assembly
FRANCHISE TAX-REPEAL
Last Action
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, 2026. 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, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2025 | House | Filed with the Clerk by Rep. Jeff Keicher |
| 2/06/2025 | House | First Reading |
| 2/06/2025 | House | Referred to Rules Committee |
| 3/03/2025 | House | Added Co-Sponsor Rep. Travis Weaver |
| 3/04/2025 | House | Assigned to Revenue & Finance Committee |
| 3/06/2025 | House | To Tax Policy: Other Taxes Subcommittee |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 3/21/2025 | House | Added Co-Sponsor Rep. Ryan Spain |
| 5/13/2025 | House | Added Co-Sponsor Rep. Tony M. McCombie |