Franchise Tax

Illinois Fiscal Year 2020 Income and Franchise Tax Changes

By Mary Kay McCalla Martire & Lauren A. Ferrante on June 13, 2019

Posted in Franchise Tax, Illinois, Income Tax, Tax Base

The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session. Some of the changes are taxpayer friendly and others are not. Unlike the no-deal chaos of past years, all of the measures have been or are expected to be signed by the state’s new Democratic governor, J.B. Pritzker.

This blog post summarizes the income-tax and franchise tax-related changes approved by the General Assembly. Subsequent posts will address sales/use, property and other tax changes.…
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District of Columbia Takes First Step to Decouple from Federal Tax Reform

By Diann Smith, Eric Carstens & Stephen P. Kranz on December 29, 2017

Posted in District of Columbia, Federal Tax, Franchise Tax, Local Tax

On December 19, 2017, DC Councilmember Mary Cheh introduced the District Tax Independence Act of 2017 (Act), which would require the Chief Financial Officer (CFO) to submit a report outlining the steps and amendments necessary to decouple the District’s tax deduction laws from federal law. As introduced, the Act would require this report by no…

Illinois Franchise Tax Relief on the Horizon

By Fred M. Ackerson on December 4, 2017

Posted in Franchise Tax, Illinois, Local Tax

For Illinois corporate clients who pay significant Illinois corporate franchise tax, relief may be on the way.

Illinois is on the verge of joining Delaware and many other jurisdictions that permit simple conversions from corporate to limited liability company (LLC) form, by enacting the “Entity Omnibus Act” as part of House Bill 2963, passed…