Illinois SB 2276: REVENUE-VARIOUS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2276

Introduced 2/7/2025, by Sen. John F. Curran 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/207 from Ch. 120, par. 2-207

805 ILCS 5/15.35 from Ch. 32, par. 15.35

805 ILCS 5/15.65 from Ch. 32, par. 15.65

 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.

LRB104 03809 HLH 13833 b

A BILL FOR

SB2276LRB104 03809 HLH 13833 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Section 207 as follows:

6 (35 ILCS 5/207) (from Ch. 120, par. 2-207)

7 Sec. 207. Net Losses. 

8 (a) If after applying all of the (i) modifications 

9provided for in paragraph (2) of Section 203(b), paragraph (2) 

10of Section 203(c) and paragraph (2) of Section 203(d) and (ii) 

11the allocation and apportionment provisions of Article 3 of 

12this Act and subsection (c) of this Section, the taxpayer's 

13net income results in a loss;

14 (1) for any taxable year ending prior to December 31, 

15 1999, such loss shall be allowed as a carryover or 

16 carryback deduction in the manner allowed under Section 

17 172 of the Internal Revenue Code;

18 (2) for any taxable year ending on or after December 

19 31, 1999 and prior to December 31, 2003, such loss shal