Date	Chamber	Action
1/10/2023	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 5/207

from Ch. 120, par. 2-207

35 ILCS 405/2

from Ch. 120, par. 405A-2

35 ILCS 405/3

from Ch. 120, par. 405A-3

35 ILCS 405/4

from Ch. 120, par. 405A-4

805 ILCS 5/15.35

from Ch. 32, par. 15.35

805 ILCS 5/15.65

from Ch. 32, par. 15.65

Synopsis As Introduced
Amends the Illinois Income Tax Act. Makes changes concerning the federal depreciation deduction and net operating losses to restore provisions that were in effect prior to Public Act 102-16. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying on or after the effective date of the amendatory Act or for transfers made on or after the effective date of the amendatory Act. Amends the Business Corporation Act of 1983. Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024. Provides that, on or after January 1, 2022 and prior to January 1, 2023, the first $10,000 in liability is exempt from the franchise tax. Provides that, on or after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the franchise tax. Effective immediately.

Actions 

Date	Chamber	Action
1/21/2022	Senate	Filed with Secretary by Sen. Dan McConchie
1/21/2022	Senate	First Reading
1/21/2022	Senate	Referred to Assignments
1/10/2023	Senate	Session Sine Die

Back To Top