94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1262


 
Introduced 2/18/2005, by Sen. Martin A. Sandoval - Emil Jones, Jr.
 
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.
















LRB094 04901 RXD 34930 b

















 


 


A BILL FOR









 











SB1262

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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 
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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 
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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

12
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 
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 
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transition annual report
required by this Act to be filed in 
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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 
29
consolidation is greater than the sum of the paid-in capital
of 
30
all of the merged or consolidated corporations as last reported

31
by them in any documents, other than annual reports, required 
32
by this Act
to be filed in the office of the Secretary of 
 


 






SB1262
- 2 -
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1
State; and in addition, the
surviving or new corporation shall 
2
be liable for a further additional franchise
tax on the paid-in 
3
capital of each of the merged or consolidated
corporations as 
4
last reported by them in any document, other than an annual

5
report, required by this Act to be filed with the Secretary of 
6
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 
8
established an extended filing month,
the extended filing month 
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of the surviving or new corporation; however if
the taxable 
10
year ends within the 2 month period immediately preceding the

11
anniversary month or, in the case of a corporation which has 
12
established an
extended filing month, the extended filing month 
13
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 
15
has established an extended filing month, the
extended filing 
16
month of the surviving or new corporation in the next

17
succeeding calendar year.

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    (d) An annual franchise tax payable each year with the 
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annual report
which the corporation is required by this Act to 
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file.

21
(Source: P.A. 86-985.)