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SB 2276

Illinois Senate bill in Session 104.

Status: in_committee. Latest action: June 2, 2025.

REVENUE-VARIOUS.

Bill ID IL-104-SB-2276
Session 104
Status in_committee
Committee Assignments
Senate in_committee 2025-06-02
Business / Commerce Tax / Budget / Appropriations
Summary

Amends the Illinois Income Tax Act. Provides that a limitation on carryover deductions for corporations applies for taxable years ending on or after December 31, 2024 and prior to December 31, 2025 (currently, December 31, 2027). Amends the Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2026, and repeals those provisions on January 1, 2027. Effective immediately.

Sponsor
John F. Curran
Official Source Back to Bills
Actions Timeline
Date Event Detail
2025-02-07 Introduced Bill introduced
2025-06-02 Status in_committee
2025-06-02 Latest Action 6/02/2025 - Senate:
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