Illinois Franchise Tax
This Illinois agency is responsible for administering and collecting the franchise tax.
Secretary of State
What is the federal sales tax percentage in the U.S.
N/A
This financial metric, not income or revenue, is the basis for calculating the Illinois franchise tax
What is Paid-in capital?
The Amendment that allows income tax to be collected
16th
These are the start and end dates of the 2025 Illinois Franchise tax amnesty program.
What is October 1st-November 15th
This period is for businesses that have overdue franchise taxes and license fees. Gives them the chance to pay without penalties or interest.
This U.S. president signed the Internal Revenue Code of 1954 into law.
Dwight D. Eisenhower
Illinois is ranked ____ for highest effective property taxes.
2nd
Historically, Illinois has generated approximately this much in revenue annually from their franchise tax. (within 8 million)
$180 Million
The year that Illinois first implemented its franchise tax.
What is 1872?
Originally conceived as a fee for the privilege of being considered a corporation.
What was the highest marginal federal income tax rate ever imposed in U.S. history AND why?
94%
WWII