HB5526 repeals the domestic franchise tax for corporations in Illinois starting January 1, 2028.
HB5526 amends the Business Corporation Act of 1983 to repeal the domestic franchise tax for corporations in Illinois. The repeal takes effect on January 1, 2028, and no refunds or proration of franchise tax will be allowed for taxes due after that date. The bill also exempts certain amounts of liability from the franchise tax in the years leading up to 2028. The changes are effective immediately upon becoming law.
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