summary
Introduced
02/04/2026
02/04/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on and after January 1, 2029. Provides that all amounts remaining in the Corporate Franchise Tax Refund Fund shall be transferred to the General Revenue Fund no later than December 31, 2030. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2030. Effective immediately.
AI Summary
This bill amends the Business Corporation Act of 1983 to effectively repeal the franchise tax for domestic and foreign corporations, meaning no franchise tax payments will be required on or after January 1, 2029. The bill also mandates that any remaining funds in the Corporate Franchise Tax Refund Fund, which is used for franchise tax refunds, will be transferred to the General Revenue Fund by December 31, 2030, and makes changes to the statute of limitations regarding these taxes.
Sponsors (1)
Last Action
Referred to Assignments (on 02/04/2026)
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