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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0300 Introduced 1/24/2017, by Sen. John J. Cullerton 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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| | SB0300 | | LRB100 04814 JLS 14824 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Business Corporation Act of 1983 is amended |
| 5 | | by changing Section 15.35 as follows:
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| 6 | | (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
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| 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
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| 12 | | prescribed in this Act: |
| 13 | | (a) An initial franchise tax at the time of filing its |
| 14 | | first report of
issuance of shares.
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| 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
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| 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 |
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| | SB0300 | - 2 - | LRB100 04814 JLS 14824 b |
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| 1 | | the office of the Secretary of State.
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| 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
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| 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
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| 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
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| 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
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| 26 | | succeeding calendar year.
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