Full Text of HB5738 100th General Assembly
HB5738 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB5738 Introduced , by Rep. David S. Olsen SYNOPSIS AS INTRODUCED: |
| 805 ILCS 5/13.70 | from Ch. 32, par. 13.70 | 805 ILCS 5/14.30 | from Ch. 32, par. 14.30 | 805 ILCS 5/15.35 | from Ch. 32, par. 15.35 | 805 ILCS 5/15.65 | from Ch. 32, par. 15.65 | 805 ILCS 5/15.97 | from Ch. 32, par. 15.97 | 805 ILCS 5/16.05 | from Ch. 32, par. 16.05 |
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Amends the Business Corporation Act of 1983. Increases from $200 to $500 the minimum base penalty for transacting business in this State without authority. Provides that a corporation that effects a change in the number of issued shares or the amount of paid-in capital prior to January 1, 2019, rather than effecting a change at any time, shall file a report regarding the issued shares or paid-in capital. Provides that franchise taxes are not payable on or after January 1, 2019. Provides that on and after January 1, 2019, a corporation that fails to file an annual report shall pay a penalty of $50 plus $10 per month or part of a month that the report is delinquent.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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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 | 5 | | by changing Sections 13.70, 14.30, 15.35, 15.65, 15.97, and | 6 | | 16.05 as follows:
| 7 | | (805 ILCS 5/13.70) (from Ch. 32, par. 13.70)
| 8 | | Sec. 13.70. Transacting business without authority.
| 9 | | (a) No foreign corporation transacting business in this | 10 | | State without
authority to do so is permitted to maintain a | 11 | | civil
action in any
court of this State, until the corporation | 12 | | obtains that
authority. Nor shall a civil action be maintained | 13 | | in any court of this
State by any successor or assignee of the | 14 | | corporation on any right, claim
or demand arising out of the | 15 | | transaction of business by the corporation in
this State, until | 16 | | authority to transact business in this
State is obtained by the
| 17 | | corporation or by a corporation that has acquired all or | 18 | | substantially all
of its assets.
| 19 | | (b) The failure of a foreign corporation to obtain
| 20 | | authority to transact business in this State does not impair | 21 | | the validity
of any contract or act of the corporation, and | 22 | | does not prevent the
corporation from defending any action in | 23 | | any court of this State.
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| 1 | | (c) A foreign corporation that transacts business in this | 2 | | State without authority is liable to this State, for the years | 3 | | or parts
thereof during which it transacted business in this | 4 | | State without authority, in an amount equal to all fees, | 5 | | franchise taxes,
penalties and other charges that would have | 6 | | been imposed by this Act upon
the corporation had it duly | 7 | | applied for and received
authority to transact business in this | 8 | | State as required by this Act, but
failed to pay the franchise | 9 | | taxes that would have been computed thereon,
and thereafter | 10 | | filed all reports required by this Act; and, if a
corporation | 11 | | fails to file an application for
authority within 60 days
after | 12 | | it commences business in this State, in addition
thereto it is | 13 | | liable for a penalty of either 10% of the filing fee,
license | 14 | | fee and franchise taxes or $500 $200 plus $25 $5.00 for each | 15 | | month or
fraction thereof in which it has continued to transact | 16 | | business in this
State without authority therefor, whichever | 17 | | penalty is
greater. The Attorney General shall bring | 18 | | proceedings to recover all
amounts due this State under this | 19 | | Section.
| 20 | | (d) The Attorney General shall bring an action to restrain | 21 | | a foreign corporation from transacting business in this State, | 22 | | if the authority of the foreign corporation to transact | 23 | | business has been revoked under subsection (m) of Section 13.50 | 24 | | of this Act.
| 25 | | (Source: P.A. 95-515, eff. 8-28-07.)
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| 1 | | (805 ILCS 5/14.30) (from Ch. 32, par. 14.30)
| 2 | | Sec. 14.30. Cumulative report of changes in issued shares | 3 | | or paid-in
capital. | 4 | | (a) Each domestic corporation and each foreign corporation
| 5 | | authorized to transact business in this State that effects any | 6 | | change in
the number of issued shares or the amount of paid-in | 7 | | capital prior to January 1, 2019 that has
not theretofore been | 8 | | reported in any report other than an annual report,
interim | 9 | | annual report, or final transition annual report, shall execute | 10 | | and
file, in accordance with Section 1.10 of this Act, a report | 11 | | with respect to
the changes in its issued shares or paid-in | 12 | | capital:
| 13 | | (1) that have occurred subsequent to the last day of | 14 | | the third month
preceding its anniversary month in the | 15 | | preceding year and prior to the
first day of the second | 16 | | month immediately preceding its anniversary month
in the | 17 | | current year; or
| 18 | | (2) in the case of a corporation that has established | 19 | | an extended
filing month, that have occurred during its | 20 | | fiscal year; or
| 21 | | (3) in the case of a statutory merger or consolidation | 22 | | or an amendment
to the corporation's articles of | 23 | | incorporation that affects the number of
issued shares or | 24 | | the amount of paid-in capital,
that have
occurred between | 25 | | the last day of the third month immediately preceding its
| 26 | | anniversary month and the date of the merger, |
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| 1 | | consolidation, or
amendment or, in the
case of a | 2 | | corporation that has established an extended filing month, | 3 | | that
have occurred between the first day of its fiscal year | 4 | | and the date of the
merger, consolidation, or amendment; or
| 5 | | (4) in the case of a statutory merger or consolidation | 6 | | or an amendment
to the corporation's articles of | 7 | | incorporation that affects the number of
issued shares or | 8 | | the amount of paid-in capital,
that have
occurred between | 9 | | the date of the merger, consolidation, or amendment (but
| 10 | | not including the merger,
consolidation, or amendment) and | 11 | | the first day of the second month
immediately preceding
its | 12 | | anniversary month in the current year, or in the case of a | 13 | | corporation
that has established an extended filing month, | 14 | | that have occurred between
the date of the merger, | 15 | | consolidation or amendment (but not including the
merger, | 16 | | consolidation or amendment) and the last day of
its fiscal | 17 | | year.
| 18 | | (b) The corporation shall file the report required under | 19 | | subsection
(a) not later than (i) the time its annual report is | 20 | | required to be filed in
1992 and in each subsequent year and | 21 | | (ii) not later than the time of filing
the articles of merger, | 22 | | consolidation, or amendment to the articles of
incorporation | 23 | | that affects the number of issued shares or the amount of | 24 | | paid-in
capital of a domestic corporation or the certified copy | 25 | | of
merger
of a foreign corporation.
| 26 | | (c) The report shall net decreases against increases that |
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| 1 | | occur during
the same taxable period. The report shall set | 2 | | forth:
| 3 | | (1) The name of the corporation and the state or | 4 | | country under the laws
of which it is organized.
| 5 | | (2) A statement of the aggregate number of shares which | 6 | | the corporation
has authority to issue, itemized by classes | 7 | | and series, if any, within a class.
| 8 | | (3) A statement of the aggregate number of issued | 9 | | shares as last
reported to the Secretary of State in any | 10 | | document required or permitted by
this Act to be filed, | 11 | | other than an annual report, interim annual report or
final | 12 | | transition annual report, itemized by classes and series, | 13 | | if any,
within a class.
| 14 | | (4) A statement, expressed in dollars, of the amount of | 15 | | paid-in capital
of the corporation as last reported to the | 16 | | Secretary of State in any
document required or permitted by | 17 | | this Act to be filed, other than an
annual report, interim | 18 | | annual report or final transition annual report.
| 19 | | (5) A statement, if applicable, of the aggregate number | 20 | | of shares
issued by the corporation not theretofore | 21 | | reported to the Secretary of
State as having been issued, | 22 | | and a statement, expressed in dollars, of the
value of the | 23 | | entire consideration received, less expenses, including
| 24 | | commissions, paid or incurred in connection with the | 25 | | issuance, for, or on
account of, the issuance of the | 26 | | shares, itemized by
classes, and series, if any, within a |
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| 1 | | class; and in the case of shares
issued as a share | 2 | | dividend, the amount added or transferred to the paid-in
| 3 | | capital of the corporation for, or on account of, the | 4 | | issuance of the
shares; provided, however, that the report | 5 | | shall also include the date of
each issuance made prior to | 6 | | the current reporting period, and the number of
issued | 7 | | shares and consideration received in each case.
| 8 | | (6) A statement, if applicable, expressed in dollars, | 9 | | of the amount
added or transferred to paid-in capital of | 10 | | the corporation without the
issuance of shares; provided, | 11 | | however, that the report shall also include
the date of | 12 | | each increase made prior to the current reporting period, | 13 | | and
the consideration received in each case.
| 14 | | (7) In case of an exchange or reclassification of | 15 | | issued shares
resulting in an increase in the amount of | 16 | | paid-in capital, a statement of
the manner in which it was | 17 | | effected, and a statement, expressed in dollars, of
the | 18 | | amount added or transferred to the paid-in capital of the | 19 | | corporation
as a result thereof, except any portion thereof | 20 | | reported under any other
subsection of this Section as a | 21 | | part of the consideration received by the
corporation for, | 22 | | or on account of, its issued shares; provided, however,
| 23 | | that the report shall also include the date of each | 24 | | exchange or
reclassification made prior to the current | 25 | | reporting period and the
consideration received in each | 26 | | case.
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| 1 | | (8) If the consideration received for the issuance of | 2 | | any shares not
theretofore reported as having been issued | 3 | | consists of labor or services
performed or of property, | 4 | | other than cash, then a statement, expressed in
dollars, of | 5 | | the value of that consideration as fixed by the board of
| 6 | | directors.
| 7 | | (9) In the case of a cancellation of shares or a | 8 | | reduction in paid-in
capital made pursuant to Section 9.20, | 9 | | the aggregate
reduction in paid-in capital;
provided, | 10 | | however, that the report shall also include the date of | 11 | | each
reduction made prior to the current reporting period.
| 12 | | (10) A statement of the aggregate number of issued | 13 | | shares itemized by
classes and series, if any, within a | 14 | | class, after giving effect to the
changes reported.
| 15 | | (11) A statement, expressed in dollars, of the amount | 16 | | of paid-in capital
of the corporation after giving effect | 17 | | to the changes reported.
| 18 | | (d) No additional license fees or franchise taxes shall be | 19 | | payable
upon the filing of the report to the extent that | 20 | | license fees or franchise
taxes shall have been previously paid | 21 | | by the corporation in respect of
shares previously issued which | 22 | | are being exchanged for the shares the
issuance of which is | 23 | | being reported, provided those facts are shown in
the report.
| 24 | | (e) The report shall be made on forms prescribed and | 25 | | furnished by the
Secretary of State.
| 26 | | (f) Until the report under this Section or a report under |
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| 1 | | Section 14.25
shall have been filed in the Office of the | 2 | | Secretary of State showing a
reduction in paid-in capital, the | 3 | | basis of the annual franchise tax payable
by the corporation | 4 | | shall not be reduced, provided, however, in no event
shall the | 5 | | annual franchise tax for any taxable year be reduced if the
| 6 | | report is not filed prior to the first day of the anniversary | 7 | | month or, in
the case of a corporation which has established an | 8 | | extended filing month,
the extended filing month of the | 9 | | corporation of that taxable year and
before payment of its | 10 | | annual franchise tax.
| 11 | | (Source: P.A. 90-421, eff. 1-1-98.)
| 12 | | (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
| 13 | | Sec. 15.35. Franchise taxes payable by domestic | 14 | | corporations. For the privilege of exercising its franchises in | 15 | | this State, each
domestic corporation shall pay to the | 16 | | Secretary of State the following
franchise taxes, computed on | 17 | | the basis, at the rates and for the periods
prescribed in this | 18 | | Act:
| 19 | | (a) An initial franchise tax at the time of filing its | 20 | | first report of
issuance of shares.
| 21 | | (b) An additional franchise tax at the time of filing | 22 | | (1) a report of
the issuance of additional shares, or (2) a | 23 | | report of an increase in paid-in
capital without the | 24 | | issuance of shares, or (3) an amendment to the articles
of | 25 | | incorporation or a report of cumulative changes in paid-in |
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| 1 | | capital,
whenever any amendment or such report discloses an | 2 | | increase in its paid-in
capital over the amount thereof | 3 | | last reported in any document, other than
an annual report, | 4 | | interim annual report or final transition annual report
| 5 | | required by this Act to be filed in the office of the | 6 | | Secretary of State.
| 7 | | (c) An additional franchise tax at the time of filing a | 8 | | report of paid-in
capital following a statutory merger or | 9 | | consolidation, which discloses that
the paid-in capital of | 10 | | the surviving or new corporation immediately after
the | 11 | | merger or consolidation is greater than the sum of the | 12 | | paid-in capital
of all of the merged or consolidated | 13 | | corporations as last reported
by them in any documents, | 14 | | other than annual reports, required by this Act
to be filed | 15 | | in the office of the Secretary of State; and in addition, | 16 | | the
surviving or new corporation shall be liable for a | 17 | | further additional franchise
tax on the paid-in capital of | 18 | | each of the merged or consolidated
corporations as last | 19 | | reported by them in any document, other than an annual
| 20 | | report, required by this Act to be filed with the Secretary | 21 | | of State from
their taxable year end to the next succeeding | 22 | | anniversary month or, in
the case of a corporation which | 23 | | has established an extended filing month,
the extended | 24 | | filing month of the surviving or new corporation; however | 25 | | if
the taxable year ends within the 2 month period | 26 | | immediately preceding the
anniversary month or, in the case |
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| 1 | | of a corporation which has established an
extended filing | 2 | | month, the extended filing month of the surviving or new
| 3 | | corporation the tax will be computed to the anniversary | 4 | | month or, in the
case of a corporation which has | 5 | | established an extended filing month, the
extended filing | 6 | | month of the surviving or new corporation in the next
| 7 | | succeeding calendar year.
| 8 | | (d) An annual franchise tax payable each year with the | 9 | | annual report
which the corporation is required by this Act | 10 | | to file.
| 11 | | The provisions of this Section shall not apply to require | 12 | | the payment of any franchise tax that would otherwise have been | 13 | | due and payable on or after January 1, 2019. There shall be no | 14 | | refunds or proration of franchise tax for any taxes due and | 15 | | payable prior to January 1, 2019 on the basis that a portion of | 16 | | the corporation's taxable year extends beyond January 1, 2019. | 17 | | This amendatory Act of the 100th General Assembly shall not | 18 | | affect any right accrued or established, or any liability or | 19 | | penalty incurred prior to January 1, 2019. | 20 | | (Source: P.A. 86-985.)
| 21 | | (805 ILCS 5/15.65) (from Ch. 32, par. 15.65)
| 22 | | Sec. 15.65. Franchise taxes payable by foreign | 23 | | corporations. For the privilege of exercising its authority to | 24 | | transact such business
in this State as set out in its | 25 | | application therefor or any amendment
thereto, each foreign |
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| 1 | | corporation shall pay to the Secretary of State the
following | 2 | | franchise taxes, computed on the basis, at the rates and for | 3 | | the
periods prescribed in this Act:
| 4 | | (a) An initial franchise tax at the time of filing its | 5 | | application for
authority to transact business in this | 6 | | State.
| 7 | | (b) An additional franchise tax at the time of filing | 8 | | (1) a report of
the issuance of additional shares, or (2) a | 9 | | report of an increase in paid-in
capital without the | 10 | | issuance of shares, or (3) a report of cumulative
changes | 11 | | in paid-in capital or a report of an exchange or | 12 | | reclassification
of shares, whenever any such report | 13 | | discloses an increase in its paid-in
capital over the | 14 | | amount thereof last reported in any document, other than
an | 15 | | annual report, interim annual report or final transition | 16 | | annual report,
required by this Act to be filed in the | 17 | | office of the Secretary of State.
| 18 | | (c) Whenever the corporation shall be a party to a | 19 | | statutory merger and
shall be the surviving corporation, an | 20 | | additional franchise tax at the time
of filing its report | 21 | | following merger, if such report discloses that the
amount | 22 | | represented in this State of its paid-in capital | 23 | | immediately after
the merger is greater than the aggregate | 24 | | of the amounts represented in this
State of the paid-in | 25 | | capital of such of the merged corporations as were
| 26 | | authorized to transact business in this State at the time |
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| 1 | | of the merger, as
last reported by them in any documents, | 2 | | other than annual reports, required
by this Act to be filed | 3 | | in the office of the Secretary of State; and in
addition, | 4 | | the surviving corporation shall be liable for a further
| 5 | | additional franchise tax on the paid-in capital of each of | 6 | | the merged
corporations as last reported by them in any | 7 | | document, other than an annual
report, required by this Act | 8 | | to be filed with the Secretary
of State, from their taxable | 9 | | year end to the next succeeding anniversary
month or, in | 10 | | the case of a corporation which has established an extended
| 11 | | filing month, the extended filing month of the surviving | 12 | | corporation;
however if the taxable year ends within the 2 | 13 | | month period immediately
preceding the anniversary month | 14 | | or the extended filing month of the
surviving corporation, | 15 | | the tax will be computed to the anniversary or,
extended | 16 | | filing month of the surviving corporation in the next | 17 | | succeeding
calendar year.
| 18 | | (d) An annual franchise tax payable each year with any
| 19 | | annual report which the corporation is required by this Act | 20 | | to file.
| 21 | | The provisions of this Section shall not apply to require | 22 | | the payment of any franchise tax that would otherwise have been | 23 | | due and payable on or after January 1, 2019. There shall be no | 24 | | refunds or proration of franchise tax for any taxes due and | 25 | | payable prior to January 1, 2019 on the basis that a portion of | 26 | | the corporation's taxable year extends beyond January 1, 2019. |
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| 1 | | This amendatory Act of the 100th General Assembly shall not | 2 | | affect any right accrued or established, or any liability or | 3 | | penalty incurred prior to January 1, 2019. | 4 | | (Source: P.A. 92-33, eff. 7-1-01.)
| 5 | | (805 ILCS 5/15.97) (from Ch. 32, par. 15.97)
| 6 | | Sec. 15.97. Corporate Franchise Tax Refund Fund.
| 7 | | (a) Beginning July 1, 1993, a percentage of the amounts | 8 | | collected
under Sections 15.35, 15.45, 15.65, and 15.75 of this | 9 | | Act shall be
deposited into the Corporate Franchise Tax Refund | 10 | | Fund, a special Fund
hereby created in the State treasury. From | 11 | | July 1, 1993, until December 31,
1994, there shall be deposited | 12 | | into the Fund 3% of the amounts received
under those Sections. | 13 | | Beginning January 1, 1995, and for each fiscal year
beginning | 14 | | thereafter, 2% of the amounts collected under those Sections
| 15 | | during the preceding fiscal year shall be deposited into the | 16 | | Fund.
| 17 | | (b) Beginning July 1, 1993, moneys in the Fund shall be | 18 | | expended
exclusively for the purpose of paying refunds payable | 19 | | because of overpayment
of franchise taxes, penalties, or | 20 | | interest under Sections 13.70, 15.35,
15.45, 15.65, 15.75, and | 21 | | 16.05 of this
Act and making transfers authorized under this | 22 | | Section. Refunds in
accordance with the provisions of | 23 | | subsections (f) and (g) of Section 1.15
and Section 1.17 of | 24 | | this Act may be made from the Fund only to the extent that
| 25 | | amounts collected under Sections 15.35, 15.45, 15.65, and 15.75 |
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| 1 | | of this Act
have been deposited in the Fund and remain | 2 | | available. On or before August 31 of each year, the balance in | 3 | | the Fund in excess of $100,000 shall be transferred to the | 4 | | General Revenue Fund. Notwithstanding the above, for the period | 5 | | commencing on the effective date of this amendatory Act of the | 6 | | 100th General Assembly and continuing through December 31, | 7 | | 2021, amounts in the fund shall not be transferred to the | 8 | | General Revenue Fund and shall be used to pay refunds in | 9 | | accordance with the provisions of this Act. Within a reasonable | 10 | | time after January 1, 2022, the Secretary of State shall direct | 11 | | and the Comptroller shall order transferred to the General | 12 | | Revenue Fund all amounts remaining in the fund.
| 13 | | (c) This Act shall constitute an irrevocable and continuing
| 14 | | appropriation from the Corporate Franchise Tax Refund Fund for | 15 | | the purpose
of paying refunds upon the order of the Secretary | 16 | | of State in accordance
with the provisions of this Section.
| 17 | | (Source: P.A. 99-620, eff. 1-1-17 .)
| 18 | | (805 ILCS 5/16.05) (from Ch. 32, par. 16.05)
| 19 | | Sec. 16.05. Penalties and interest imposed upon | 20 | | corporations.
| 21 | | (a) Each
corporation, domestic or foreign, that fails or | 22 | | refuses to file any annual
report or report of cumulative | 23 | | changes in paid-in capital and pay any
franchise tax due | 24 | | pursuant to the report prior to the first day of its
| 25 | | anniversary month
or, in the case of a corporation which has |
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| 1 | | established an extended filing
month, the extended filing month | 2 | | of the corporation
shall pay a penalty of 10% of the amount of | 3 | | any
delinquent franchise tax due for the report. From February | 4 | | 1, 2008 through March 15, 2008, no penalty shall be imposed | 5 | | with respect to any amount of delinquent franchise tax paid | 6 | | pursuant to the Franchise Tax and License Fee Amnesty Act of | 7 | | 2007.
Notwithstanding the above, commencing on January 1, 2019, | 8 | | each corporation, domestic or foreign, that fails or refuses to | 9 | | file any annual report prior to the first day of its | 10 | | anniversary month, or in the case of a corporation which has | 11 | | established an extended filing month, the extended filing month | 12 | | of the corporation, shall pay a penalty of $50 plus $10 for | 13 | | each calendar month or part of the month that it is delinquent.
| 14 | | (b) Each corporation, domestic or foreign, that fails or | 15 | | refuses to file
a report of issuance of shares or increase in | 16 | | paid-in capital within the
time prescribed by this Act is | 17 | | subject to a penalty on any obligation
occurring prior to | 18 | | January 1, 1991, and interest on those obligations on or
after | 19 | | January 1, 1991, for each calendar month or part of month that | 20 | | it is
delinquent in the amount of 2% of the amount of license | 21 | | fees and franchise
taxes provided by this Act to be paid on | 22 | | account of the issuance of shares
or increase in paid-in | 23 | | capital. From February 1, 2008 through March 15, 2008, no | 24 | | penalty shall be imposed, or interest charged, with respect to | 25 | | any amount of delinquent license fees and franchise taxes paid | 26 | | pursuant to the Franchise Tax and License Fee Amnesty Act of |
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| 1 | | 2007.
| 2 | | (c) Each corporation, domestic or foreign, that fails or | 3 | | refuses to file
a
report of cumulative changes in paid-in | 4 | | capital or report following merger
within the time prescribed | 5 | | by this Act is subject to interest on or after
January 1, 1992, | 6 | | for each calendar month or part of month that it is
delinquent, | 7 | | in the amount of 2% of the amount of franchise taxes provided
| 8 | | by this Act to be paid on account of the issuance of shares or | 9 | | increase in
paid-in capital disclosed on the report of | 10 | | cumulative changes in paid-in
capital or report following | 11 | | merger, or $1, whichever is greater. From February 1, 2008 | 12 | | through March 15, 2008, no interest shall be charged with | 13 | | respect to any amount of delinquent franchise tax paid pursuant | 14 | | to the Franchise Tax and License Fee Amnesty Act of 2007.
| 15 | | Notwithstanding the above, commencing on January 1, 2019, each | 16 | | corporation, domestic or foreign, that fails or refuses to file | 17 | | any report following merger within the time prescribed by this | 18 | | Act, shall pay a penalty of $50 plus $10 for each calendar | 19 | | month or part of the month that it is delinquent.
| 20 | | (d) If the annual franchise tax, or the supplemental annual | 21 | | franchise
tax
for any 12-month period commencing July 1, 1968, | 22 | | or July 1 of any
subsequent year through June 30, 1983, | 23 | | assessed in accordance with this
Act, is not paid by July 31, | 24 | | it is delinquent, and there is added a penalty
prior to January | 25 | | 1, 1991, and interest on and after January 1, 1991, of 2%
for | 26 | | each month or part of month that it is delinquent commencing |
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| 1 | | with the
month of August, or $1, whichever is greater. From | 2 | | February 1, 2008 through March 15, 2008, no penalty shall be | 3 | | imposed, or interest charged, with respect to any amount of | 4 | | delinquent franchise taxes paid pursuant to the Franchise Tax | 5 | | and License Fee Amnesty Act of 2007.
| 6 | | (e) If the supplemental annual franchise tax assessed in | 7 | | accordance with
the provisions of this Act for the 12-month | 8 | | period commencing July 1,
1967, is not paid by September 30, | 9 | | 1967, it is delinquent, and there is
added a penalty prior to | 10 | | January 1, 1991, and interest on and after
January 1, 1991, of | 11 | | 2% for each month or part of month that it is
delinquent | 12 | | commencing with the month of October, 1967. From February 1, | 13 | | 2008 through March 15, 2008, no penalty shall be imposed, or | 14 | | interest charged, with respect to any amount of delinquent | 15 | | franchise taxes paid pursuant to the Franchise Tax and License | 16 | | Fee Amnesty Act of 2007.
| 17 | | (f) If any annual franchise tax for any period beginning on | 18 | | or after
July 1,
1983, is not paid by the time period herein | 19 | | prescribed, it is delinquent
and there is added a penalty prior | 20 | | to January 1, 1991, and interest on
and after January 1, 1991, | 21 | | of 2% for each month or part of a month that
it is delinquent | 22 | | commencing with the anniversary month or in the case of
a | 23 | | corporation that has established an extended filing month, the | 24 | | extended
filing month, or $1, whichever is greater. From | 25 | | February 1, 2008 through March 15, 2008, no penalty shall be | 26 | | imposed, or interest charged, with respect to any amount of |
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| 1 | | delinquent franchise taxes paid pursuant to the Franchise Tax | 2 | | and License Fee Amnesty Act of 2007.
| 3 | | (g) Any corporation, domestic or foreign, failing to pay | 4 | | the prescribed
fee for assumed corporate name renewal when due | 5 | | and payable shall be given
notice of nonpayment by the | 6 | | Secretary of State by regular mail; and if
the fee together | 7 | | with a penalty fee of $5 is not paid within
90 days after the | 8 | | notice is mailed, the right to use the assumed
name shall | 9 | | cease.
| 10 | | (h) Any corporation which (i) puts forth any sign or
| 11 | | advertisement, assuming
any name other than that by which it is | 12 | | incorporated or otherwise
authorized by law to act or (ii) | 13 | | violates Section 3.25, shall be guilty of
a Class C misdemeanor | 14 | | and
shall be deemed guilty of an additional offense for each | 15 | | day it shall
continue to so offend.
| 16 | | (i) Each corporation, domestic or foreign, that fails or | 17 | | refuses (1) to
answer truthfully and fully within the time | 18 | | prescribed by this Act
interrogatories propounded by the | 19 | | Secretary of State in accordance with
this Act or (2) to | 20 | | perform any other act required by this Act to be
performed by | 21 | | the corporation, is guilty of a Class C misdemeanor.
| 22 | | (j) Each corporation that fails or refuses to file articles | 23 | | of
revocation
of dissolution within the time prescribed by this | 24 | | Act is subject to a
penalty for each calendar month or part of | 25 | | the month that it is delinquent
in the amount of $50.
| 26 | | (Source: P.A. 95-233, eff. 8-16-07; 95-707, eff. 1-11-08; |
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| 1 | | 96-1121, eff. 1-1-11.)
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