SB3441 - 104th General Assembly (2025-2026)

FRANCHISE TAX-REPEAL
Last Action
2/04/2026 - Senate: Referred to Assignments
Senate Sponsors
Sen. Dave Syverson
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 and after January 1, 2029. 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, 2030. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2030. Effective immediately.
Actions
DateChamberAction
2/04/2026SenateFiled with Secretary by Sen. Dave Syverson
2/04/2026SenateFirst Reading
2/04/2026SenateReferred to Assignments