IllinoisSB2276104th General Assembly (2025–2026)Senate

REVENUE-VARIOUS

Sponsored By: John F. Curran (Republican)

In Committee

Summary

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.

assignmentsrevenue

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • John F. Curran

    Republican • Senate

Cosponsors

  • Chris Balkema

    Republican • Senate

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 3-9(a) / Re-referred to Assignments

    6/2/2025Senate
  2. Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025

    5/23/2025Senate
  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025

    5/9/2025Senate
  4. Rule 2-10 Committee Deadline Established As May 9, 2025

    4/11/2025Senate
  5. Rule 2-10 Committee Deadline Established As April 11, 2025

    3/21/2025Senate
  6. Assigned to Revenue

    3/4/2025Senate
  7. Added as Chief Co-Sponsor Sen. Chris Balkema

    2/27/2025Senate
  8. Referred to Assignments

    2/7/2025Senate
  9. First Reading

    2/7/2025Senate
  10. Filed with Secretary by Sen. John F. Curran

    2/7/2025Senate

Bill Text

Related Bills

Back to State Legislation