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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2267
Introduced 2/14/2008, by Sen. Martin A. Sandoval SYNOPSIS AS INTRODUCED:
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805 ILCS 5/15.35 |
from Ch. 32, par. 15.35 |
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Amends the Business Corporation Act of 1983. Makes a technical change in a
Section concerning franchise taxes payable by domestic corporations.
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A BILL FOR
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SB2267 |
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LRB095 19563 WGH 45887 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Business Corporation Act of 1983 is amended |
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| by changing Section 15.35 as follows:
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| (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
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| Sec. 15.35. Franchise taxes payable by domestic |
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| corporations. For the
the privilege of exercising its |
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| franchises in this State, each
domestic corporation shall pay |
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| to the Secretary of State the following
franchise taxes, |
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| computed on the basis, at the rates and for the periods
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| prescribed in this Act: |
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| (a) An initial franchise tax at the time of filing its |
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| first report of
issuance of shares.
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| (b) An additional franchise tax at the time of filing (1) a |
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| report of
the issuance of additional shares, or (2) a report of |
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| an increase in paid-in
capital without the issuance of shares, |
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| or (3) an amendment to the articles
of incorporation or a |
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| report of cumulative changes in paid-in capital,
whenever any |
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| amendment or such report discloses an increase in its paid-in
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| capital over the amount thereof last reported in any document, |
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| other than
an annual report, interim annual report or final |
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| transition annual report
required by this Act to be filed in |
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SB2267 |
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LRB095 19563 WGH 45887 b |
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| the office of the Secretary of State.
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| (c) An additional franchise tax at the time of filing a |
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| report of paid-in
capital following a statutory merger or |
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| consolidation, which discloses that
the paid-in capital of the |
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| surviving or new corporation immediately after
the merger or |
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| consolidation is greater than the sum of the paid-in capital
of |
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| all of the merged or consolidated corporations as last reported
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| by them in any documents, other than annual reports, required |
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| by this Act
to be filed in the office of the Secretary of |
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| State; and in addition, the
surviving or new corporation shall |
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| be liable for a further additional franchise
tax on the paid-in |
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| capital of each of the merged or consolidated
corporations as |
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| last reported by them in any document, other than an annual
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| report, required by this Act to be filed with the Secretary of |
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| State from
their taxable year end to the next succeeding |
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| anniversary month or, in
the case of a corporation which has |
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| established an extended filing month,
the extended filing month |
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| of the surviving or new corporation; however if
the taxable |
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| year ends within the 2 month period immediately preceding the
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| anniversary month or, in the case of a corporation which has |
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| established an
extended filing month, the extended filing month |
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| of the surviving or new
corporation the tax will be computed to |
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| the anniversary month or, in the
case of a corporation which |
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| has established an extended filing month, the
extended filing |
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| month of the surviving or new corporation in the next
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| succeeding calendar year.
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