HB5526 - 104th General Assembly (2025-2026)

DOMESTIC FRANCHISE TAX-REPEAL
Last Action
3/27/2026 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
805 ILCS 5/15.35  from Ch. 32, par. 15.35
Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that, on or after January 1, 2027 and prior to January 1, 2028, 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, 2028. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2028. Effective immediately.
Actions
DateChamberAction
2/06/2026HouseFiled with the Clerk by Rep. Brandun Schweizer
2/13/2026HouseFirst Reading
2/13/2026HouseReferred to Rules Committee
3/02/2026HouseAdded Co-Sponsor Rep. Tony M. McCombie
3/18/2026HouseAssigned to Revenue & Finance Committee
3/27/2026HouseRule 19(a) / Re-referred to Rules Committee