Illinois – Franchise Tax Exemption Increase Effective January 1, 2025
House Bill 4951 (Public Act 103-0592) signed by the governor June 7 modified state income, franchise and sales/use tax laws in revenue omnibus legislation. Among other changes the current franchise tax exemption of $5,000.00 for annual reports due for the remainder of 2024 increases to $10,000.00 effective for annual reports due on or after January 1, 2025. The bill text can be accessed here.
Rhode Island – Assumed Names changing to Trade Names with Annual Renewal January 2025
House Bill 7424 and Senate Bill 2739 signed by the governor June 25 and effective January 1, 2025 changes the term “assumed name” to “trade name” and centralizes the filing, administration and regulation process of trade names to the Secretary of State including an annual trade name renewal filing. The bill text can be accessed here and here.
Rhode Island – Facilitating Business Rapid Response to State Declared Disaster Act of 2024
House Bill 7087 and Senate Bill 2214 signed by the governor and effective June 24 enacted the Facilitating Business Rapid Response to State Declared Disaster Act of 2024. Out of state businesses that perform work or services on critical infrastructure damages, destroyed or lost as a result of a declared state disaster or emergency shall not be considered to have established a level of presence that requires the business to register, file and remit state or local taxes or be subject to state licensing requirements. The text of the bills can be accessed here and here.
Florida – Defective Corporation Actions
Senate Bill 1198 (Chapter 2024-265) signed by the governor and effective July 1 provides that a defective corporation action is not void or voidable in circumstances and the absence or failure to ratify defective corporation actions does not affect the validity or effectiveness of certain actions properly ratified. The bill text can be accessed here.
Florida – Customer Complaint Process Created with the Office of Financial Regulation
House Bill 989 (Chapter 2024-14) signed by the governor and effective May 2 relates to the Chief Financial Officer and Department of Financial Services. Among other changes the bill creates a customer complaint process to the Office of Financial Regulation and requires financial institutions to file a response within 90 days from receiving notice from OF. The bill text can be accessed here.
