Illinois SB2276 amends the Illinois Income Tax Act and the Business Corporation Act of 1983, modifying carryover deductions for corporations and.
Illinois SB2276 amends the Illinois Income Tax Act by changing the limitation on carryover deductions for corporations, applying it to taxable years ending on or after December 31, 2024, and before December 31, 2025. It also modifies the Business Corporation Act of 1983 by exempting certain franchise taxes for corporations on or after January 1, 2026, and repealing those provisions on January 1, 2027. The bill takes effect immediately.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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