IL SB1810

Amends the Illinois Income Tax Act to restore provisions on federal depreciation deductions and net operating losses that were in effect prior to Public Act 102-16, allowing corporations to carry forward net losses for up to 20 taxable years with a $100,000 annual limitation for tax years 2021-2023.

Modifies the Business Corporation Act of 1983 to eliminate franchise tax requirements for both domestic and foreign corporations on or after January 1, 2024, with the repeal provision taking effect January 1, 2025.

Maintains franchise tax exemptions that progressively increased from $30 (2020) to $1,000 (2021-2023) through December 31, 2023, with no refunds or proration allowed for taxes due after January 1, 2024.

Takes effect immediately upon becoming law.