The Illinois Franchise Tax is a capital-based tax on corporations transacting business in Illinois. An amnesty is currently under way to give corporations the ability to pay past taxes owed without penalty or interest. However, time is running out. The amnesty ends on March 15, 2008. The amnesty provides:
The amnesty program shall be for a period from February 1, 2008 through March 15, 2008. The amnesty program shall provide that, upon payment by a taxpayer of all franchise taxes and license fees due from that taxpayer to the State of Illinois for any taxable period, the Secretary shall abate and not seek to collect any interest or penalties that may be applicable, and the Secretary shall not seek civil or criminal prosecution for any taxpayer for the period of time for which amnesty has been granted to the taxpayer.