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IL SB3441
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Dave Syverson
Click for details
AI Summary
- Eliminates Illinois corporate franchise tax for both domestic and foreign corporations on payments due on or after January 1, 2029.
- Increases the franchise tax exemption from $10,000 to $100,000 for the 2028 tax year as a transition measure.
- Requires all remaining funds in the Corporate Franchise Tax Refund Fund to be transferred to the General Revenue Fund by December 31, 2030.
- Prohibits refunds or proration of franchise taxes based on taxable years extending beyond January 1, 2029.
- Repeals the franchise tax provisions entirely on January 1, 2030, with the bill taking effect immediately upon passage.
Legislative Description
FRANCHISE TAX-REPEAL
Last Action
Added as Co-Sponsor Sen. Chris Balkema
3/4/2026
Committee Referrals
Assignments2/4/2026
Full Bill Text
No bill text available