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]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Tony McCombie [R]	Primary	Sponsored Bills	HD-089	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jeff Keicher [R]	Cosponsor	Sponsored Bills	HD-070	FollowTheMoney	Ballotpedia	VoteSmart
Representative Tom Weber [R]	Cosponsor	Sponsored Bills	HD-064	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB3205