Bill Status of HB 5490   103rd General Assembly

Short Description:  FRANCHISE TAX-REPEAL

House Sponsors
Rep. Kimberly Du Buclet

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 5/15.97from 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. 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. Kimberly Du Buclet
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  1/7/2025HouseSession Sine Die

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