Illinois SB 2325: BUSINESS CORP-FRANCHISE TAX

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2325

Introduced 2/7/2025, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

805 ILCS 5/14.35 from Ch. 32, par. 14.35

805 ILCS 5/15.90 from Ch. 32, par. 15.90

805 ILCS 5/16.05 from Ch. 32, par. 16.05

 Amends the Business Corporation Act of 1983. In provisions concerning the franchise tax, provides that the rate of penalties and interest on any franchise tax or fee, for which the Secretary of State provides written notice of the amount of penalties and interest owed to a corporation on or after January 1, 2026, shall be the rate of interest established under specified provisions of the Illinois Income Tax Act, and no other penalties or interest shall be imposed or charged to a corporation. Makes changes in provisions concerning the statute of limitations. Makes changes that are declaratory of existing law. Effective immediately.

LRB104 10384 SPS 20459 b

A BILL FOR

SB2325LRB104 10384 SPS 20459 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 Business Corporation Act of 1983 is amended 

5by changing Sections 14.35, 15.90, and 16.05 as follows:

6 (805 ILCS 5/14.35) (from Ch. 32, par. 14.35)

7 Sec. 14.35. Report following merger or consolidation. 

8 (a) Whenever a domestic corporation or a foreign 

9corporation authorized to transact business in this State is 

10the surviving corporation in a statutory merger or whenever a 

11domestic corporation is the new corporation in a 

12consolidation, it shall, within 60 days after the effective 

13date of the event, if the effective date occurs after both 

14December 31, 199