Illinois General Assembly - Bill Status for SB3488
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 Bill Status of SB3488  103rd General Assembly

Short Description:  FRANCHISE TAX-REPEAL

Senate Sponsors
Sen. Win Stoller and Neil Anderson

Last Action
DateChamber Action
  2/9/2024SenateReferred to Assignments

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 5/15.98 new

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. 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.

DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Win Stoller
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/21/2024SenateAdded as Co-Sponsor Sen. Neil Anderson

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