96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6494


 
Introduced 2/18/2010, by Rep. Michael J. Madigan - Barbara Flynn Currie
 
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.
















LRB096 21120 DRJ 36971 b

















 


 


A BILL FOR









 











HB6494

LRB096 21120 DRJ 36971 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 
 


 






HB6494
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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 
10
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 
12
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 
19
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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    (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.

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