Illinois General Assembly - Bill Status for HB5490
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

 Bill Status of HB5490  103rd General Assembly


Short Description:  FRANCHISE TAX-REPEAL

House Sponsors
Rep. Kimberly Du Buclet

Last Action
DateChamber Action
  2/9/2024HouseReferred to Rules Committee

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 5/15.97from 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, 2025. 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, 2025. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2026. Effective immediately.

Actions 
DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Kimberly Du Buclet
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee

Back To Top