Illinois 2025-2026 Regular Session

Illinois House Bill HB2846 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2846 Introduced , by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED: 805 ILCS 5/15.35 from Ch. 32, par. 15.35805 ILCS 5/15.65 from Ch. 32, par. 15.65805 ILCS 5/15.90 from Ch. 32, par. 15.90805 ILCS 5/15.97 from Ch. 32, par. 15.97 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 or after January 1, 2026. 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, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately. LRB104 08750 SPS 18804 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2846 Introduced , by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED: 805 ILCS 5/15.35 from Ch. 32, par. 15.35805 ILCS 5/15.65 from Ch. 32, par. 15.65805 ILCS 5/15.90 from Ch. 32, par. 15.90805 ILCS 5/15.97 from Ch. 32, par. 15.97 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.90 from Ch. 32, par. 15.90 805 ILCS 5/15.97 from Ch. 32, par. 15.97 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 or after January 1, 2026. 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, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately. LRB104 08750 SPS 18804 b LRB104 08750 SPS 18804 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2846 Introduced , by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED:
3	3	805 ILCS 5/15.35 from Ch. 32, par. 15.35805 ILCS 5/15.65 from Ch. 32, par. 15.65805 ILCS 5/15.90 from Ch. 32, par. 15.90805 ILCS 5/15.97 from Ch. 32, par. 15.97 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.90 from Ch. 32, par. 15.90 805 ILCS 5/15.97 from Ch. 32, par. 15.97
4	4	805 ILCS 5/15.35 from Ch. 32, par. 15.35
5	5	805 ILCS 5/15.65 from Ch. 32, par. 15.65
6	6	805 ILCS 5/15.90 from Ch. 32, par. 15.90
7	7	805 ILCS 5/15.97 from Ch. 32, par. 15.97
8	8	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 or after January 1, 2026. 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, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately.
9	9	LRB104 08750 SPS 18804 b LRB104 08750 SPS 18804 b
10	10	LRB104 08750 SPS 18804 b
11	11	A BILL FOR
12	12	HB2846LRB104 08750 SPS 18804 b HB2846 LRB104 08750 SPS 18804 b
13	13	HB2846 LRB104 08750 SPS 18804 b
14	14	1 AN ACT concerning business.
15	15	2 Be it enacted by the People of the State of Illinois,
16	16	3 represented in the General Assembly:
17	17	4 Section 5. The Business Corporation Act of 1983 is amended
18	18	5 by changing Sections 15.35, 15.65, 15.90, and 15.97 as
19	19	6 follows:
20	20	7 (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
21	21	8 (Text of Section from P.A. 102-16, 103-8, and 103-592)
22	22	9 Sec. 15.35. Franchise taxes payable by domestic
23	23	10 corporations. For the privilege of exercising its franchises
24	24	11 in this State, each domestic corporation shall pay to the
25	25	12 Secretary of State the following franchise taxes, computed on
26	26	13 the basis, at the rates and for the periods prescribed in this
27	27	14 Act:
28	28	15 (a) An initial franchise tax at the time of filing its
29	29	16 first report of issuance of shares.
30	30	17 (b) An additional franchise tax at the time of filing
31	31	18 (1) a report of the issuance of additional shares, or (2) a
32	32	19 report of an increase in paid-in capital without the
33	33	20 issuance of shares, or (3) an amendment to the articles of
34	34	21 incorporation or a report of cumulative changes in paid-in
35	35	22 capital, whenever any amendment or such report discloses
36	36	23 an increase in its paid-in capital over the amount thereof
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40	40	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2846 Introduced , by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED:
41	41	805 ILCS 5/15.35 from Ch. 32, par. 15.35805 ILCS 5/15.65 from Ch. 32, par. 15.65805 ILCS 5/15.90 from Ch. 32, par. 15.90805 ILCS 5/15.97 from Ch. 32, par. 15.97 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.90 from Ch. 32, par. 15.90 805 ILCS 5/15.97 from Ch. 32, par. 15.97
42	42	805 ILCS 5/15.35 from Ch. 32, par. 15.35
43	43	805 ILCS 5/15.65 from Ch. 32, par. 15.65
44	44	805 ILCS 5/15.90 from Ch. 32, par. 15.90
45	45	805 ILCS 5/15.97 from Ch. 32, par. 15.97
46	46	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 or after January 1, 2026. 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, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately.
47	47	LRB104 08750 SPS 18804 b LRB104 08750 SPS 18804 b
48	48	LRB104 08750 SPS 18804 b
49	49	A BILL FOR
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55	55	805 ILCS 5/15.35 from Ch. 32, par. 15.35
56	56	805 ILCS 5/15.65 from Ch. 32, par. 15.65
57	57	805 ILCS 5/15.90 from Ch. 32, par. 15.90
58	58	805 ILCS 5/15.97 from Ch. 32, par. 15.97
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62	62	LRB104 08750 SPS 18804 b
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77	77	1 last reported in any document, other than an annual
78	78	2 report, interim annual report or final transition annual
79	79	3 report required by this Act to be filed in the office of
80	80	4 the Secretary of State.
81	81	5 (c) An additional franchise tax at the time of filing
82	82	6 a report of paid-in capital following a statutory merger
83	83	7 or consolidation, which discloses that the paid-in capital
84	84	8 of the surviving or new corporation immediately after the
85	85	9 merger or consolidation is greater than the sum of the
86	86	10 paid-in capital of all of the merged or consolidated
87	87	11 corporations as last reported by them in any documents,
88	88	12 other than annual reports, required by this Act to be
89	89	13 filed in the office of the Secretary of State; and in
90	90	14 addition, the surviving or new corporation shall be liable
91	91	15 for a further additional franchise tax on the paid-in
92	92	16 capital of each of the merged or consolidated corporations
93	93	17 as last reported by them in any document, other than an
94	94	18 annual report, required by this Act to be filed with the
95	95	19 Secretary of State from their taxable year end to the next
96	96	20 succeeding anniversary month or, in the case of a
97	97	21 corporation which has established an extended filing
98	98	22 month, the extended filing month of the surviving or new
99	99	23 corporation; however if the taxable year ends within the
100	100	24 2-month period immediately preceding the anniversary month
101	101	25 or, in the case of a corporation which has established an
102	102	26 extended filing month, the extended filing month of the
103	103
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113	113	1 surviving or new corporation the tax will be computed to
114	114	2 the anniversary month or, in the case of a corporation
115	115	3 which has established an extended filing month, the
116	116	4 extended filing month of the surviving or new corporation
117	117	5 in the next succeeding calendar year.
118	118	6 (d) An annual franchise tax payable each year with the
119	119	7 annual report which the corporation is required by this
120	120	8 Act to file.
121	121	9 On or after January 1, 2020 and prior to January 1, 2021,
122	122	10 the first $30 in liability is exempt from the tax imposed under
123	123	11 this Section. On or after January 1, 2021, and prior to January
124	124	12 1, 2024, the first $1,000 in liability is exempt from the tax
125	125	13 imposed under this Section. On or after January 1, 2024, and
126	126	14 before January 1, 2025, the first $5,000 in liability is
127	127	15 exempt from the tax imposed under this Section. On and after
128	128	16 January 1, 2025 and before January 1, 2026, the first $10,000
129	129	17 in liability is exempt from the tax imposed under this
130	130	18 Section. The provisions of this Section shall not require the
131	131	19 payment of any franchise tax that would otherwise have been
132	132	20 due and payable on or after January 1, 2026. There shall be no
133	133	21 refunds or proration of franchise tax for any taxes due and
134	134	22 payable on or after January 1, 2026 on the basis that a portion
135	135	23 of the corporation's taxable year extends beyond January 1,
136	136	24 2026.
137	137	25 This Section is repealed on January 1, 2027.
138	138	26 (Source: P.A. 102-16, eff. 6-17-21; 103-8, eff. 6-7-23;
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149	149	1 103-592, eff. 6-7-24.)
150	150	2 (Text of Section from P.A. 102-282, 102-558, 103-8, and
151	151	3 103-592)
152	152	4 Sec. 15.35. Franchise taxes payable by domestic
153	153	5 corporations. For the privilege of exercising its franchises
154	154	6 in this State, each domestic corporation shall pay to the
155	155	7 Secretary of State the following franchise taxes, computed on
156	156	8 the basis, at the rates and for the periods prescribed in this
157	157	9 Act:
158	158	10 (a) An initial franchise tax at the time of filing its
159	159	11 first report of issuance of shares.
160	160	12 (b) An additional franchise tax at the time of filing
161	161	13 (1) a report of the issuance of additional shares, or (2) a
162	162	14 report of an increase in paid-in capital without the
163	163	15 issuance of shares, or (3) an amendment to the articles of
164	164	16 incorporation or a report of cumulative changes in paid-in
165	165	17 capital, whenever any amendment or such report discloses
166	166	18 an increase in its paid-in capital over the amount thereof
167	167	19 last reported in any document, other than an annual
168	168	20 report, interim annual report or final transition annual
169	169	21 report required by this Act to be filed in the office of
170	170	22 the Secretary of State.
171	171	23 (c) An additional franchise tax at the time of filing
172	172	24 a report of paid-in capital following a statutory merger
173	173	25 or consolidation, which discloses that the paid-in capital
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184	184	1 of the surviving or new corporation immediately after the
185	185	2 merger or consolidation is greater than the sum of the
186	186	3 paid-in capital of all of the merged or consolidated
187	187	4 corporations as last reported by them in any documents,
188	188	5 other than annual reports, required by this Act to be
189	189	6 filed in the office of the Secretary of State; and in
190	190	7 addition, the surviving or new corporation shall be liable
191	191	8 for a further additional franchise tax on the paid-in
192	192	9 capital of each of the merged or consolidated corporations
193	193	10 as last reported by them in any document, other than an
194	194	11 annual report, required by this Act to be filed with the
195	195	12 Secretary of State from their taxable year end to the next
196	196	13 succeeding anniversary month or, in the case of a
197	197	14 corporation which has established an extended filing
198	198	15 month, the extended filing month of the surviving or new
199	199	16 corporation; however if the taxable year ends within the
200	200	17 2-month period immediately preceding the anniversary month
201	201	18 or, in the case of a corporation which has established an
202	202	19 extended filing month, the extended filing month of the
203	203	20 surviving or new corporation the tax will be computed to
204	204	21 the anniversary month or, in the case of a corporation
205	205	22 which has established an extended filing month, the
206	206	23 extended filing month of the surviving or new corporation
207	207	24 in the next succeeding calendar year.
208	208	25 (d) An annual franchise tax payable each year with the
209	209	26 annual report which the corporation is required by this
210	210
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220	220	1 Act to file.
221	221	2 On or after January 1, 2020 and prior to January 1, 2021,
222	222	3 the first $30 in liability is exempt from the tax imposed under
223	223	4 this Section. On or after January 1, 2021 and prior to January
224	224	5 1, 2024, the first $1,000 in liability is exempt from the tax
225	225	6 imposed under this Section. On or after January 1, 2024, and
226	226	7 before January 1, 2025, the first $5,000 in liability is
227	227	8 exempt from the tax imposed under this Section. On and after
228	228	9 January 1, 2025 and before January 1, 2026, the first $10,000
229	229	10 in liability is exempt from the tax imposed under this
230	230	11 Section. The provisions of this Section shall not require the
231	231	12 payment of any franchise tax that would otherwise have been
232	232	13 due and payable on or after January 1, 2026. There shall be no
233	233	14 refunds or proration of franchise tax for any taxes due and
234	234	15 payable on or after January 1, 2026 on the basis that a portion
235	235	16 of the corporation's taxable year extends beyond January 1,
236	236	17 2026.
237	237	18 This Section is repealed on January 1, 2027.
238	238	19 (Source: P.A. 102-282, eff. 1-1-22; 102-558, eff. 8-20-21;
239	239	20 103-8, eff. 6-7-23; 103-592, eff. 6-7-24.)
240	240	21 (805 ILCS 5/15.65) (from Ch. 32, par. 15.65)
241	241	22 Sec. 15.65. Franchise taxes payable by foreign
242	242	23 corporations. For the privilege of exercising its authority to
243	243	24 transact such business in this State as set out in its
244	244	25 application therefor or any amendment thereto, each foreign
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255	255	1 corporation shall pay to the Secretary of State the following
256	256	2 franchise taxes, computed on the basis, at the rates and for
257	257	3 the periods prescribed in this Act:
258	258	4 (a) An initial franchise tax at the time of filing its
259	259	5 application for authority to transact business in this
260	260	6 State.
261	261	7 (b) An additional franchise tax at the time of filing
262	262	8 (1) a report of the issuance of additional shares, or (2) a
263	263	9 report of an increase in paid-in capital without the
264	264	10 issuance of shares, or (3) a report of cumulative changes
265	265	11 in paid-in capital or a report of an exchange or
266	266	12 reclassification of shares, whenever any such report
267	267	13 discloses an increase in its paid-in capital over the
268	268	14 amount thereof last reported in any document, other than
269	269	15 an annual report, interim annual report or final
270	270	16 transition annual report, required by this Act to be filed
271	271	17 in the office of the Secretary of State.
272	272	18 (c) Whenever the corporation shall be a party to a
273	273	19 statutory merger and shall be the surviving corporation,
274	274	20 an additional franchise tax at the time of filing its
275	275	21 report following merger, if such report discloses that the
276	276	22 amount represented in this State of its paid-in capital
277	277	23 immediately after the merger is greater than the aggregate
278	278	24 of the amounts represented in this State of the paid-in
279	279	25 capital of such of the merged corporations as were
280	280	26 authorized to transact business in this State at the time
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291	291	1 of the merger, as last reported by them in any documents,
292	292	2 other than annual reports, required by this Act to be
293	293	3 filed in the office of the Secretary of State; and in
294	294	4 addition, the surviving corporation shall be liable for a
295	295	5 further additional franchise tax on the paid-in capital of
296	296	6 each of the merged corporations as last reported by them
297	297	7 in any document, other than an annual report, required by
298	298	8 this Act to be filed with the Secretary of State, from
299	299	9 their taxable year end to the next succeeding anniversary
300	300	10 month or, in the case of a corporation which has
301	301	11 established an extended filing month, the extended filing
302	302	12 month of the surviving corporation; however if the taxable
303	303	13 year ends within the 2-month period immediately preceding
304	304	14 the anniversary month or the extended filing month of the
305	305	15 surviving corporation, the tax will be computed to the
306	306	16 anniversary or, extended filing month of the surviving
307	307	17 corporation in the next succeeding calendar year.
308	308	18 (d) An annual franchise tax payable each year with any
309	309	19 annual report which the corporation is required by this
310	310	20 Act to file.
311	311	21 On or after January 1, 2020 and prior to January 1, 2021,
312	312	22 the first $30 in liability is exempt from the tax imposed under
313	313	23 this Section. On or after January 1, 2021 and before January 1,
314	314	24 2024, the first $1,000 in liability is exempt from the tax
315	315	25 imposed under this Section. On and after January 1, 2024 and
316	316	26 before January 1, 2025, the first $5,000 in liability is
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327	327	1 exempt from the tax imposed under this Section. On and after
328	328	2 January 1, 2025 and before January 1, 2026, the first $10,000
329	329	3 in liability is exempt from the tax imposed under this
330	330	4 Section. The provisions of this Section shall not require the
331	331	5 payment of any franchise tax that would otherwise have been
332	332	6 due and payable on or after January 1, 2026. There shall be no
333	333	7 refunds or proration of franchise tax for any taxes due and
334	334	8 payable on or after January 1, 2026 on the basis that a portion
335	335	9 of the corporation's taxable year extends beyond January 1,
336	336	10 2026.
337	337	11 This Section is repealed on January 1, 2027.
338	338	12 (Source: P.A. 102-16, eff. 6-17-21; 102-558, eff. 8-20-21;
339	339	13 102-813, eff. 5-13-22; 103-592, eff. 6-7-24.)
340	340	14 (805 ILCS 5/15.90) (from Ch. 32, par. 15.90)
341	341	15 Sec. 15.90. Statute of limitations.
342	342	16 (a) Except as otherwise provided in this Section and
343	343	17 notwithstanding anything to the contrary contained in any
344	344	18 other Section of this Act, prior to January 1, 2026, no
345	345	19 domestic corporation or foreign corporation shall be obligated
346	346	20 to pay any annual franchise tax, fee, or penalty or interest
347	347	21 thereon imposed under this Act, nor shall any administrative
348	348	22 or judicial sanction (including dissolution) be imposed or
349	349	23 enforced nor access to the courts of this State be denied based
350	350	24 upon nonpayment thereof more than 7 years after the date of
351	351	25 filing the annual report with respect to the period during
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362	362	1 which the obligation for the tax, fee, penalty or interest
363	363	2 arose, unless (1) within that 7 year period the Secretary of
364	364	3 State sends a written notice to the corporation to the effect
365	365	4 that (A) administrative or judicial action to dissolve the
366	366	5 corporation or revoke its authority for nonpayment of a tax,
367	367	6 fee, penalty or interest has been commenced; or (B) the
368	368	7 corporation has submitted a report but has failed to pay a tax,
369	369	8 fee, penalty or interest required to be paid therewith; or (C)
370	370	9 a report with respect to an event or action giving rise to an
371	371	10 obligation to pay a tax, fee, penalty or interest is required
372	372	11 but has not been filed, or has been filed and is in error or
373	373	12 incomplete; or (2) the annual report by the corporation was
374	374	13 filed with fraudulent intent to evade taxes payable under this
375	375	14 Act. A corporation nonetheless shall be required to pay all
376	376	15 taxes that would have been payable during the most recent 7
377	377	16 year period due to a previously unreported increase in paid-in
378	378	17 capital that occurred prior to that 7 year period and interest
379	379	18 and penalties thereon for that period, except that, from
380	380	19 February 1, 2008 through March 15, 2008, with respect to any
381	381	20 corporation that participates in the Franchise Tax and License
382	382	21 Fee Amnesty Act of 2007, the corporation shall be only
383	383	22 required to pay all taxes that would have been payable during
384	384	23 the most recent 4 year period due to a previously unreported
385	385	24 increase in paid-in capital that occurred prior to that 7 year
386	386	25 period. Beginning January 1, 2026, no domestic corporation or
387	387	26 foreign corporation shall be obligated to pay any annual
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398	398	1 franchise tax, fee, or penalty or interest thereon imposed
399	399	2 under this Act, nor shall any administrative or judicial
400	400	3 sanction (including dissolution) be imposed or enforced nor
401	401	4 access to the courts of this State be denied based upon
402	402	5 nonpayment thereof more than 7 years after the date of filing
403	403	6 the annual report with respect to the period during which the
404	404	7 obligation for the tax, fee, penalty or interest arose.
405	405	8 (b) If within 2 years following a change in control of a
406	406	9 corporation the corporation voluntarily pays in good faith all
407	407	10 known obligations of the corporation imposed by this Article
408	408	11 15 with respect to reports that were required to have been
409	409	12 filed since the beginning of the 7 year period ending on the
410	410	13 effective date of the change in control, no action shall be
411	411	14 taken to enforce or collect obligations of that corporation
412	412	15 imposed by this Article 15 with respect to reports that were
413	413	16 required to have been filed prior to that 7 year period
414	414	17 regardless of whether the limitation period set forth in
415	415	18 subsection (a) is otherwise applicable. For purposes of this
416	416	19 subsection (b), a change in control means a transaction, or a
417	417	20 series of transactions consummated within a period of 180
418	418	21 consecutive days, as a result of which a person which owned
419	419	22 less than 10% of the shares having the power to elect directors
420	420	23 of the corporation acquires shares such that the person
421	421	24 becomes the holder of 80% or more of the shares having such
422	422	25 power. For purposes of this subsection (b) a person means any
423	423	26 natural person, corporation, partnership, trust or other
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434	434	1 entity together with all other persons controlled by,
435	435	2 controlling or under common control with such person.
436	436	3 (c) Except as otherwise provided in this Section and
437	437	4 notwithstanding anything to the contrary contained in any
438	438	5 other Section of this Act, no foreign corporation that has not
439	439	6 previously obtained authority under this Act shall, upon
440	440	7 voluntary application for authority filed with the Secretary
441	441	8 of State prior to January 1, 2001, be obligated to pay any tax,
442	442	9 fee, penalty, or interest imposed under this Act, nor shall
443	443	10 any administrative or judicial sanction be imposed or enforced
444	444	11 based upon nonpayment thereof with respect to a period during
445	445	12 which the obligation arose that is prior to January 1, 1993
446	446	13 unless (1) prior to receipt of the application for authority
447	447	14 the Secretary of State had sent written notice to the
448	448	15 corporation regarding its failure to obtain an application for
449	449	16 authority, (2) the corporation had submitted an application
450	450	17 for authority previously but had failed to pay any tax, fee,
451	451	18 penalty or interest to be paid therewith, or (3) the
452	452	19 application for authority was submitted by the corporation
453	453	20 with fraudulent intent to evade taxes payable under this Act.
454	454	21 A corporation nonetheless shall be required to pay all taxes
455	455	22 and fees due under this Act that would have been payable since
456	456	23 January 1, 1993 as a result of commencing the transaction of
457	457	24 its business in this State and interest thereon for that
458	458	25 period.
459	459	26 (Source: P.A. 95-233, eff. 8-16-07; 95-707, eff. 1-11-08;
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470	470	1 96-66, eff. 1-1-10.)
471	471	2 (805 ILCS 5/15.97) (from Ch. 32, par. 15.97)
472	472	3 Sec. 15.97. Corporate Franchise Tax Refund Fund.
473	473	4 (a) Beginning July 1, 1993, a percentage of the amounts
474	474	5 collected under Sections 15.35, 15.45, 15.65, and 15.75 of
475	475	6 this Act shall be deposited into the Corporate Franchise Tax
476	476	7 Refund Fund, a special Fund hereby created in the State
477	477	8 treasury. From July 1, 1993, until December 31, 1994, there
478	478	9 shall be deposited into the Fund 3% of the amounts received
479	479	10 under those Sections. Beginning January 1, 1995, and for each
480	480	11 fiscal year beginning thereafter, 2% of the amounts collected
481	481	12 under those Sections during the preceding fiscal year shall be
482	482	13 deposited into the Fund.
483	483	14 (b) Beginning July 1, 1993, moneys in the Fund shall be
484	484	15 expended exclusively for the purpose of paying refunds payable
485	485	16 because of overpayment of franchise taxes, penalties, or
486	486	17 interest under Sections 13.70, 15.35, 15.45, 15.65, 15.75, and
487	487	18 16.05 of this Act and making transfers authorized under this
488	488	19 Section. Refunds in accordance with the provisions of
489	489	20 subsections (f) and (g) of Section 1.15 and Section 1.17 of
490	490	21 this Act may be made from the Fund only to the extent that
491	491	22 amounts collected under Sections 15.35, 15.45, 15.65, and
492	492	23 15.75 of this Act have been deposited in the Fund and remain
493	493	24 available. On or before August 31 of each year, the balance in
494	494	25 the Fund in excess of $100,000 shall be transferred to the
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505	505	1 General Revenue Fund. Notwithstanding the provisions of this
506	506	2 subsection, for the period commencing on or after July 1,
507	507	3 2022, amounts in the fund shall not be transferred to the
508	508	4 General Revenue Fund and shall be used to pay refunds in
509	509	5 accordance with the provisions of this Act. Within a
510	510	6 reasonable time after December 31, 2025, but no later than
511	511	7 December 31, 2026, the Secretary of State shall direct and the
512	512	8 Comptroller shall order transferred to the General Revenue
513	513	9 Fund all amounts remaining in the Fund.
514	514	10 (c) This Act shall constitute an irrevocable and
515	515	11 continuing appropriation from the Corporate Franchise Tax
516	516	12 Refund Fund for the purpose of paying refunds upon the order of
517	517	13 the Secretary of State in accordance with the provisions of
518	518	14 this Section.
519	519	15 (d) This Section is repealed on January 1, 2027.
520	520	16 (Source: P.A. 102-282, eff. 1-1-22; 103-8, eff. 6-7-23.)
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