Illinois House Bill 5001

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 7 2024 - 25% progression
Action: 2024-02-22 - Added Co-Sponsor Rep. Tony M. McCombie
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

DOMESTIC FRANCHISE TAX-REPEAL

Rep. Steven Reick [R]

Rep. Tony McCombie [R]

Date	Chamber	Action
2024-02-22	House	Added Co-Sponsor Rep. Tony M. McCombie
2024-02-08	House	Referred to Rules Committee
2024-02-08	House	First Reading
2024-02-07	House	Filed with the Clerk by Rep. Steven Reick

Chapter	Article	Section	Citation Type	Statute Text
805	5	15.35	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5001&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5001.htm