IL HB3588

Single-member limited liability companies (LLCs) would be explicitly classified as a single taxpayer under Illinois law

Single-member LLCs would gain the right to appeal property tax assessments under Division 4 of the Property Tax Code

Amends Section 37-40 of the Limited Liability Company Act (805 ILCS 180/37-40), which governs series LLCs and their separate rights, powers, and liabilities

The change clarifies the tax status of single-member LLCs for property tax purposes, addressing potential ambiguity in how these entities can challenge assessments