Full Text of HB6494 96th General Assembly
HB6494 96TH GENERAL ASSEMBLY
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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:
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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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HB6494 |
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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, | | 3 |
| represented in the General Assembly:
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| Section 5. The Business Corporation Act of 1983 is amended | | 5 |
| 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 | | 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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| 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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| (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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| 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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HB6494 |
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LRB096 21120 DRJ 36971 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 | | 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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| 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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| 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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| 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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| succeeding calendar year.
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HB6494 |
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LRB096 21120 DRJ 36971 b |
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| (d) An annual franchise tax payable each year with the | | 2 |
| annual report
which the corporation is required by this Act to | | 3 |
| file.
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| (Source: P.A. 86-985.)
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