SB3441

SB3441 repeals franchise taxes for domestic and foreign corporations in Illinois starting January 1, 2030.

SB3441, also known as the Franchise Tax Repeal Act, eliminates the annual franchise tax for both domestic and foreign corporations in Illinois. The bill specifies that no corporation will be obligated to pay any annual franchise tax, fee, or penalty starting January 1, 2030. Additionally, it mandates the transfer of remaining funds from the Corporate Franchise Tax Refund Fund to the General Revenue Fund by December 31, 2030. The bill also modifies the statute of limitations for tax obligations and repeals certain provisions concerning franchise taxes on January 1, 2030.