(805 ILCS 5/15.45) (from Ch. 32, par. 15.45)
Sec. 15.45. Rate of franchise taxes payable by domestic corporations.
(a) The annual franchise tax payable by each domestic corporation
shall be computed at the rate of 1/12 of 1/10 of 1% for each calendar month
or fraction thereof for the period commencing on the first day of July 1983
to the first day of the anniversary month in 1984, but in no event shall
the amount of the annual franchise tax be less than $2.08333 per month assessed
on a minimum of $25 per annum or more than $83,333.333333 per month;
commencing on January 1, 1984 to the first day of the anniversary month in
2004, the annual franchise tax payable by each domestic
corporation
shall be computed at the rate of 1/10 of 1% for the 12-months' period
commencing on the first day of the anniversary month or, in
cases where
a corporation has established an extended filing month, the extended filing
month of the corporation, but in no event shall the amount of the annual
franchise tax be less than $25 nor more than $1,000,000 per annum; commencing
with the first anniversary month that occurs after December,
2003,
the annual franchise tax payable by each domestic corporation shall be computed
at the rate of 1/10 of 1% for the 12-months' period commencing on the first day
of the anniversary month or, in cases where a corporation has established
an
extended filing month, the extended filing month of the corporation, but in
no event shall the amount of the annual franchise tax be less than $25 nor more
than $2,000,000 per annum.
(b) The annual franchise tax payable by each domestic corporation at the
time of filing a statement of election and interim annual report in
connection with an anniversary month prior to January, 2004 shall be
computed at the rate of 1/10 of 1% for the 12 month period commencing on
the first day of the anniversary month of the corporation next following
such filing, but in no event shall the amount of the annual franchise tax
be less than $25 nor more than $1,000,000 per annum; commencing with the
first anniversary month that occurs after December,
2003,
the annual franchise tax payable by each domestic corporation at the time of
filing a statement of election and interim annual report shall be computed
at the rate of 1/10 of 1% for the 12-month period commencing on the first day
of the anniversary month of the corporation next following such filing, but in
no event shall the amount of the annual
franchise tax be less than $25 nor more
than $2,000,000 per annum.
(c) The annual franchise tax payable at the time of filing the final
transition annual report in connection with an anniversary month prior to
January, 2004 shall be an amount equal to (i) 1/12 of 1/10 of 1%
per month of the proportion of paid-in capital represented in this State as
shown in the final transition annual report multiplied by (ii) the number
of months commencing with the anniversary month next following the filing
of the statement of election until, but excluding, the second extended
filing month, less the annual franchise tax theretofore paid at the time of
filing the statement of election, but in no event shall the amount of the
annual franchise tax be less than $2.08333 per month assessed on a minimum
of $25 per annum or more than $83,333.333333 per month; commencing with the
first anniversary month that occurs after December,
2003,
the annual franchise tax payable at the time of filing the final transition
annual report shall be an amount equal to (i) 1/12 of 1/10 of 1% per month of
the proportion of paid-in capital represented in this State as shown in the
final transition annual report multiplied by (ii) the number of months
commencing with the anniversary month next following the filing of the
statement of election until, but excluding, the second extended filing month,
less the annual franchise tax theretofore paid at the time of filing the
statement of election, but in no event shall the amount of the annual franchise
tax be less than $2.08333 per month assessed on a minimum of $25 per annum or
more than $166,666.666666 per month.
(d) The initial franchise tax payable after January 1, 1983, but prior
to
January 1, 1991, by each domestic corporation shall be computed at the rate
of 1/10 of 1% for the 12 months' period commencing on the first day of the
anniversary month in which the articles of incorporation are filed by
the corporation under Section 2.10 of this Act, but in no event shall
the franchise tax be less than $25 nor more than $1,000,000 per annum.
The initial franchise tax payable on or after January 1, 1991, but prior to
January 1, 2004, by each
domestic corporation shall be computed at the rate of 15/100 of 1% for the
12 month period commencing on the first day of the anniversary month in
which the articles of incorporation are filed in
accordance
with
Section 2.10 of this Act, but in no event shall the initial franchise tax
be less than $25 nor more than $1,000,000 per annum plus 1/20th of 1% of
the basis therefor.
The initial franchise tax payable on or after January 1, 2004, by each
domestic corporation shall be computed at the rate of 15/100 of 1% for the
12-month period commencing on the first day of the anniversary month in which
the
articles of incorporation are filed in accordance with Section 2.10 of this
Act,
but in no event shall the initial franchise tax be less than $25 nor more than
$2,000,000 per annum plus 1/10th of 1% of the basis therefor.
(e) Each additional franchise tax payable by each domestic corporation
for
the period beginning January 1, 1983 through December 31, 1983 shall be
computed at the rate of 1/12 of 1/10 of 1% for each calendar month or fraction
thereof, between the date of each respective increase in its paid-in capital
and its anniversary month in 1984; thereafter until the last day of the
month that is both after December 31, 1990 and the
third month immediately preceding the anniversary month in 1991, each
additional franchise tax payable by each domestic corporation shall be
computed at the rate of 1/12 of 1/10 of 1% for each calendar month, or
fraction thereof, between the date of each respective increase in
its paid-in capital and its next anniversary month; however, if the increase
occurs within the 2 month period immediately preceding the anniversary month,
the tax shall be computed to the anniversary month of the next succeeding
calendar year. Commencing with increases in paid-in capital that occur
subsequent to both December 31, 1990 and the last day of the third
month immediately preceding the anniversary month in 1991, the additional
franchise tax payable by a domestic corporation shall be computed at the
rate of 15/100 of 1%.
(Source: P.A. 96-66, eff. 1-1-10.)
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