Author: ICS Staff

State Franchise Tax Elimination

State Franchise Tax Elimination

The franchise tax is considered a tax for a corporation’s authority to operate in Illinois. The tax is calculated as a percentage of paid-in capital. Although the actual tax is usually a relatively small amount for small businesses, critics have cited its negative impact on attracting business to the state.  To address this issue, one of the provisions in the new Illinois state budget is the phase-out of Illinois’ corporate franchise tax beginning on January 1, 2020.

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