HB5001 Summary

• 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.

• No franchise tax payment is required for any tax that would have been due and payable on or after January 1, 2027.

• Section 15.35 of the Business Corporation Act of 1983 is repealed on January 1, 2028.

• No refunds or proration of franchise tax is allowed for taxes due on or after January 1, 2027 based on a corporation's taxable year extending beyond that date.