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HB 1604

LLC ANNUAL REPORT FEE-WAIVER

104th Regular Session Introduced by Suzanne Ness

Illinois bill would eliminate LLC annual report filing fees to reduce compliance costs for limited liability companies operating in the state.

Rule 19(a) / Re-referred to Rules Committee
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Bill Summary · HB 1604

Legislative bill overview

HB 1604 proposes to waive annual report filing fees for Limited Liability Companies (LLCs) in Illinois. The bill would eliminate or reduce the fee that LLCs currently must pay when submitting their mandatory annual reports to the state, lowering compliance costs for these business entities.

Why is this important

LLCs are among the most common business structures for small and medium-sized enterprises in Illinois. Annual report fees represent a recurring operational cost that disproportionately impacts smaller businesses with limited administrative budgets, making fee waivers a direct cost-relief measure.

Potential points of contention

  • State revenue impact: Annual report fees generate state revenue; waiving them could reduce Illinois Department of Financial and Professional Regulation funding unless backfilled through other sources
  • Fairness and equity: Questions about whether fee waivers benefit only LLCs or should extend to other business entities (corporations, partnerships) that also pay annual compliance fees
  • Administrative burden: Fee collection serves as an enforcement mechanism encouraging timely filing; removing financial incentives could increase late filings and administrative processing costs

Compiled from official sources — confirm details with the bill’s official record.

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