The State of Illinois has enacted an amnesty program for all corporate businesses owing past due franchise tax or licenses fees to the State of Illinois that will be in effect from February 1, 2008, through March 17, 2008. This program, authorized by Public Act 95-0233, the “Franchise Tax and License Fee Amnesty Act of 2007,” establishes procedures that allow participating corporations to pay overdue franchise taxes and license fees and receive amnesty from all future civil or criminal prosecution and accrued penalty and interest payments related to the late fees or taxes.

For corporations owing late fees or taxes that do not take advantage of the program, the monthly interest rate charges on these delinquent taxes and fees will increase from one percent to two percent.