IL HB3205 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 3-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 3-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
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 |
|---|---|---|
| 2025-01-07 | House | Session Sine Die |
| 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 |
