HB2846 - 104th General Assembly (2025-2026)

FRANCHISE TAX-REPEAL
Last Action
3/21/2025 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
805 ILCS 5/15.35  from Ch. 32, par. 15.35
805 ILCS 5/15.65  from Ch. 32, par. 15.65
805 ILCS 5/15.90  from Ch. 32, par. 15.90
805 ILCS 5/15.97  from 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
DateChamberAction
2/05/2025HouseFiled with the Clerk by Rep. Jeff Keicher
2/06/2025HouseFirst Reading
2/06/2025HouseReferred to Rules Committee
3/03/2025HouseAdded Co-Sponsor Rep. Travis Weaver
3/04/2025HouseAssigned to Revenue & Finance Committee
3/06/2025HouseTo Tax Policy: Other Taxes Subcommittee
3/21/2025HouseRule 19(a) / Re-referred to Rules Committee
3/21/2025HouseAdded Co-Sponsor Rep. Ryan Spain
5/13/2025HouseAdded Co-Sponsor Rep. Tony M. McCombie