Franchise Taxes on Business Income in Illinois

April 13, 2006

	Visited: 139
	Not rated
	Rate:

Illinois imposes an annual franchise tax on both Illinois corporations and non-Illinois corporations for the privilege of doing business in the state. You calculate the corporation franchise tax by multiplying your corporation's paid-in capital by the franchise tax rate of 0.1 percent. However, even if your corporation has no paid-in capital, you're still going to have to pay a minimum $25 franchise tax fee, annually. The maximum annual franchise tax is $1 million.

The franchise tax is paid with the required corporation annual report, along with a filing fee of $75.