REVENUE-VARIOUS
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 7, 2025
Last action Jun 2, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
10
Key actions
2
Committee
5
Jun 2, 2025
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Apr 11, 2025
Upper · Passed
Rule 2-10 Committee Deadline Established As May 9, 2025
upper
Mar 21, 2025
Upper · Passed
Rule 2-10 Committee Deadline Established As April 11, 2025
upper
Mar 4, 2025
Committee
Assigned to Revenue
upper
Feb 7, 2025
Committee
Referred to Assignments
upper
1 primary · 1 co-sponsor
Sponsors
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 2276
Scope: IL
Hi! I can help you understand SB 2276. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline