IL SB2276

Shortens the limitation period on corporate net operating loss carryover deductions, capping deductions at $500,000 for taxable years ending December 31, 2024 through December 31, 2025 (reduced from the current end date of December 31, 2027)

Eliminates Illinois franchise taxes on both domestic and foreign corporations for taxes due and payable on or after January 1, 2026

Maintains the $10,000 franchise tax liability exemption for the period from January 1, 2025 through January 1, 2026

Prohibits refunds or proration of franchise taxes based on a corporation's taxable year extending beyond January 1, 2026

Repeals the franchise tax provisions of the Business Corporation Act of 1983 on January 1, 2027, with the bill taking effect immediately upon becoming law