BUSINESS CORP-FRANCHISE TAX
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.
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{# E23 (Nick, ruling section 1 answer 10): quoting a bill or a court opinion works
the way quoting a news article works. Select a passage above and the same panel
opens: the passage goes to the official you choose, with this document's own
address as its source and its own type. #}