Full Text of HB0897 098th General Assembly
HB0897 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB0897 Introduced 1/25/2013, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED: | |
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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| 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 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 | 10 | | to the Secretary of State the following
franchise taxes, | 11 | | computed on the basis, at the rates and for the periods
| 12 | | prescribed in this Act: | 13 | | (a) An initial franchise tax at the time of filing its | 14 | | first report of
issuance of shares.
| 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
| 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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| 1 | | the office of the Secretary of State.
| 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
| 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
| 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
| 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
| 26 | | succeeding calendar year.
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| 1 | | (d) An annual franchise tax payable each year with the | 2 | | annual report
which the corporation is required by this Act to | 3 | | file.
| 4 | | (Source: P.A. 86-985.)
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