IL HB5526

Amends the Business Corporation Act of 1983 to phase out and ultimately repeal the franchise tax on domestic corporations in Illinois.

Increases the franchise tax exemption from $10,000 to $100,000 for the period January 1, 2027 through December 31, 2027.

Eliminates all franchise tax payment requirements for domestic corporations beginning January 1, 2028.

Prohibits refunds or proration of franchise taxes based on taxable years extending beyond January 1, 2028.

Repeals the franchise tax provision entirely on January 1, 2029, with the act taking effect immediately upon becoming law.