Illinois Franchise Tax Repeal: What You Need to Know
What is the Illinois franchise tax repeal? Franchise tax phase-out repealed. Enacted on, S.B. 689 provided for a phase-out and repeal of the Illinois Franchise Tax. Starting in the 2021 tax year, taxpayers received an exemption for their first $1,000 of liability. In 2022, the exemption was scheduled to increase to $10,000. Read more on … Read more