IL HB3205 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on February 16 2023 - 25% progression
Action: 2023-11-21 - Added Co-Sponsor Rep. Tom Weber
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 16 2023 - 25% progression
Action: 2023-11-21 - Added Co-Sponsor Rep. Tom Weber
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Makes changes concerning the federal depreciation deduction and net operating losses to restore provisions that were in effect prior to Public Act 102-16. 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, 2024, and repeals those provisions on January 1, 2025. Effective immediately.
Title
REVENUE-VARIOUS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2023-11-21 | House | Added Co-Sponsor Rep. Tom Weber |
| 2023-11-16 | House | Added Co-Sponsor Rep. Jeff Keicher |
| 2023-02-17 | House | Referred to Rules Committee |
| 2023-02-17 | House | First Reading |
| 2023-02-16 | House | Filed with the Clerk by Rep. Tony M. McCombie |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 207 | Amended Code | Citation Text |
| 805 | 5 | 15.35 | Amended Code | Citation Text |
| 805 | 5 | 15.65 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3205&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/HB/10300HB3205.htm |
