Illinois HB 3588: LIMITED LIABILITY-PROP TAX

Status: Rule 19(a) / Re-referred to Rules Committee (as of 2025-03-21)

State: Illinois · Session: 104th · Bill: HB 3588

Sponsors: Rita Mayfield

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3588

Introduced 2/18/2025, by Rep. Rita Mayfield 

SYNOPSIS AS INTRODUCED:

805 ILCS 180/37-40

 Amends the Limited Liability Company Act. Provides that a single-member limited liability company shall be considered a single taxpayer and may appeal an assessment under specified provisions of the Property Tax Code.

LRB104 11942 SPS 22035 b

A BILL FOR

HB3588LRB104 11942 SPS 22035 b

1 AN ACT concerning business.

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

3represented in the General Assembly:

4 Section 5. The Limited Liability Company Act is amended by 

5changing Section 37-40 as follows:

6 (805 ILCS 180/37-40)

7 Sec. 37-40. Series of members, managers or limited 

8liability company interests.

9 (a) An operating agreement may establish or provide for 

10the establishment of designated series of members, managers or 

11limited liability company interests having separate rights, 

12powers or duties with respect to specified property or 

13obligations of the limited liability company or profits and 

14losses associated with specified property or obligations, and 

15to the extent provided in the operating agreement, any such 

16series may have a separate business purpose or investment 

17objective. 

18 (b) Notwithstanding anything to the contrary set forth in 

19this Section or under other applicable law, in the event that 

20an operating agreement creates one or more series, and if 

21separate and distinct records are maintained for any such 

22series and the assets associated with any such series are held 

23(directly or indirectly, including through a nominee or 

HB3588- 2 -LRB104 11942 SPS 22035 b

1otherwise) and accounted for separately

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