DOMESTIC FRANCHISE TAX-REPEAL House SponsorsRep. Steven Reick and Tony M. McCombie 1/7/2025HouseSession Sine Die 805 ILCS 5/15.35from Ch. 32, par. 15.35 Amends the Business Corporation Act of 1983. Provides that, on or after January 1, 2025 and prior to January 1, 2026, the first $10,000 in liability is exempt from the franchise tax payable by domestic corporations. Provides that, on or after January 1, 2026 and prior to January 1, 2027, the first $100,000 in liability is exempt from the franchise tax payable by domestic corporations. Provides that, in the case of a domestic corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2027. Repeals the provision concerning franchise taxes payable by domestic corporations on January 1, 2028. Effective immediately. 2/7/2024HouseFiled with the Clerk by Rep. Steven Reick 2/8/2024HouseFirst Reading 2/8/2024HouseReferred to Rules Committee 2/22/2024HouseAdded Co-Sponsor Rep. Tony M. McCombie 1/7/2025HouseSession Sine Die