Illinois General Assembly - Bill Status for HB3205

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 Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2024, and repeals those provisions on January 1, 2025. Effective immediately.

Actions

Date	Chamber	Action
2/16/2023	House	Filed with the Clerk by Rep. Tony M. McCombie
2/17/2023	House	First Reading
2/17/2023	House	Referred to Rules Committee
11/16/2023	House	Added Co-Sponsor Rep. Jeff Keicher
11/21/2023	House	Added Co-Sponsor Rep. Tom Weber

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