Illinois General Assembly - Bill Status for HB5001

Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that, on or after January 1, 2025 and prior to January 1, 2026, the first $10,000 in liability is exempt from the franchise tax payable by domestic corporations. On or after January 1, 2026 and prior to January 1, 2027, the first $100,000 in liability is exempt from the franchise tax payable by domestic corporations. Provides that, in the case of a domestic corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2027. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2028. Effective immediately.

Actions

Date	Chamber	Action
2/7/2024	House	Filed with the Clerk by Rep. Steven Reick
2/8/2024	House	First Reading
2/8/2024	House	Referred to Rules Committee
2/22/2024	House	Added Co-Sponsor Rep. Tony M. McCombie

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