SB2276 - 104th General Assembly (2025-2026)

REVENUE-VARIOUS
Last Action
6/02/2025 - Senate: Rule 3-9(a) / Re-referred to Assignments
Statutes Amended In Order of Appearance
35 ILCS 5/207  from Ch. 120, par. 2-207
805 ILCS 5/15.35  from Ch. 32, par. 15.35
805 ILCS 5/15.65  from Ch. 32, par. 15.65
Synopsis As Introduced
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.
Actions
DateChamberAction
2/07/2025SenateFiled with Secretary by Sen. John F. Curran
2/07/2025SenateFirst Reading
2/07/2025SenateReferred to Assignments
2/27/2025SenateAdded as Chief Co-Sponsor Sen. Chris Balkema
3/04/2025SenateAssigned to Revenue
3/21/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
4/11/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
5/09/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
5/23/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
6/02/2025SenateRule 3-9(a) / Re-referred to Assignments