IL SB3488

Eliminates Illinois corporate franchise tax for both domestic and foreign corporations, with no payment required for any franchise tax due on or after January 1, 2025

Repeals the franchise tax provisions of the Business Corporation Act of 1983 on January 1, 2026

Prohibits refunds or proration of franchise taxes for any taxes due and payable on or after January 1, 2025, even if a corporation's taxable year extends beyond that date

Preserves any rights, liabilities, or penalties that accrued prior to January 1, 2025

Directs the Legislative Reference Bureau to prepare a bill for the 2025 spring legislative session to make necessary conforming changes to other statutes affected by the franchise tax repeal