IL HB4705 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-01-27 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-01-27 - Referred to Rules Committee
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 Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying on or after the effective date of the amendatory Act or for transfers made on or after the effective date of the amendatory Act. Amends the Business Corporation Act of 1983. Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024. Provides that, on or after January 1, 2022 and prior to January 1, 2023, the first $10,000 in liability is exempt from the franchise tax. Provides that, on or after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the franchise tax. Effective immediately.
Title
REVENUE-VARIOUS
Sponsors
History
Date | Chamber | Action |
---|---|---|
2022-01-27 | House | Referred to Rules Committee |
2022-01-27 | House | First Reading |
2022-01-21 | House | Filed with the Clerk by Rep. Jim Durkin |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 405 | 2 | Amended Code | Citation Text |
35 | 405 | 3 | Amended Code | Citation Text |
35 | 405 | 4 | Amended Code | Citation Text |
35 | 5 | 203 | Amended Code | Citation 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=4705&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
Text | https://www.ilga.gov/legislation/102/HB/10200HB4705.htm |