Bill Title: 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.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2023-11-21 - Added Co-Sponsor Rep. Tom Weber [HB3205 Detail]

Text: Latest bill text (Introduced) [HTML]

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