|
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1107
Introduced 2/6/2009, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
|
|
805 ILCS 5/15.35 |
from Ch. 32, par. 15.35 |
|
Amends the Business Corporation Act of 1983. Makes a technical change in a
Section concerning franchise taxes payable by domestic corporations.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB1107 |
|
LRB096 07180 KTG 17266 b |
|
|
| 1 |
| AN ACT concerning business.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Business Corporation Act of 1983 is amended |
| 5 |
| by changing Section 15.35 as follows:
|
| 6 |
| (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
|
| 7 |
| Sec. 15.35. Franchise taxes payable by domestic |
| 8 |
| corporations. For the
the privilege of exercising its |
| 9 |
| franchises in this State, each
domestic corporation shall pay |
| 10 |
| to the Secretary of State the following
franchise taxes, |
| 11 |
| computed on the basis, at the rates and for the periods
|
| 12 |
| prescribed in this Act: |
| 13 |
| (a) An initial franchise tax at the time of filing its |
| 14 |
| first report of
issuance of shares.
|
| 15 |
| (b) An additional franchise tax at the time of filing (1) a |
| 16 |
| report of
the issuance of additional shares, or (2) a report of |
| 17 |
| an increase in paid-in
capital without the issuance of shares, |
| 18 |
| or (3) an amendment to the articles
of incorporation or a |
| 19 |
| report of cumulative changes in paid-in capital,
whenever any |
| 20 |
| amendment or such report discloses an increase in its paid-in
|
| 21 |
| capital over the amount thereof last reported in any document, |
| 22 |
| other than
an annual report, interim annual report or final |
| 23 |
| transition annual report
required by this Act to be filed in |
|
|
|
SB1107 |
- 2 - |
LRB096 07180 KTG 17266 b |
|
|
| 1 |
| the office of the Secretary of State.
|
| 2 |
| (c) An additional franchise tax at the time of filing a |
| 3 |
| report of paid-in
capital following a statutory merger or |
| 4 |
| consolidation, which discloses that
the paid-in capital of the |
| 5 |
| surviving or new corporation immediately after
the merger or |
| 6 |
| consolidation is greater than the sum of the paid-in capital
of |
| 7 |
| all of the merged or consolidated corporations as last reported
|
| 8 |
| by them in any documents, other than annual reports, required |
| 9 |
| by this Act
to be filed in the office of the Secretary of |
| 10 |
| State; and in addition, the
surviving or new corporation shall |
| 11 |
| be liable for a further additional franchise
tax on the paid-in |
| 12 |
| capital of each of the merged or consolidated
corporations as |
| 13 |
| last reported by them in any document, other than an annual
|
| 14 |
| report, required by this Act to be filed with the Secretary of |
| 15 |
| State from
their taxable year end to the next succeeding |
| 16 |
| anniversary month or, in
the case of a corporation which has |
| 17 |
| established an extended filing month,
the extended filing month |
| 18 |
| of the surviving or new corporation; however if
the taxable |
| 19 |
| year ends within the 2 month period immediately preceding the
|
| 20 |
| anniversary month or, in the case of a corporation which has |
| 21 |
| established an
extended filing month, the extended filing month |
| 22 |
| of the surviving or new
corporation the tax will be computed to |
| 23 |
| the anniversary month or, in the
case of a corporation which |
| 24 |
| has established an extended filing month, the
extended filing |
| 25 |
| month of the surviving or new corporation in the next
|
| 26 |
| succeeding calendar year.
|