Illinois Senate Bill 1535

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-02-08 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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 Provides that provisions imposing a franchise tax on corporations are repealed on December 31, 2024.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 and 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 and after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the franchise tax. Effective immediately.

REVENUE-VARIOUS

Sen. Dan McConchie [R]

Date	Chamber	Action
2023-02-08	Senate	Referred to Assignments
2023-02-08	Senate	First Reading
2023-02-08	Senate	Filed with Secretary by Sen. Dan McConchie

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

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1535&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1535.htm