For the privilege of exercising its franchises in this State, each domestic corporation shall pay to the Secretary of State the following franchise taxes, computed on the basis, at the rates and for the periods prescribed in this Act:
On or after January 1, 2020 and prior to January 1, 2021, the first $30 in liability is exempt from the tax imposed under this Section. On or after January 1, 2021 and prior to January 1, 2024, the first $1,000 in liability is exempt from the tax imposed under this Section. On or after January 1, 2024, and before January 1, 2025, the first $5,000 in liability is exempt from the tax imposed under this Section. On and after January 1, 2025, the first $10,000 in liability is exempt from the tax imposed under this Section.
805 ILCS 5/15.35