Illinois: Changes to franchise tax apportionment rules?

In March 2011, the Illinois Secretary of State, via revisions to franchise tax form instructions, modified the way the capital is apportioned to the state. The secretary on April 28, 2011, withdrew the revised form from its website, but indicated an intention to pursue the revisions through the administrative rule-making process. In addition, the secretary agreed to establish a commission to consider how to revise the franchise tax in the future. Taxpayers should take note that the March 2011 revisions may significantly impact their franchise tax liability.

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