Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 5/15.75

(805 ILCS 5/15.75) (from Ch. 32, par. 15.75)

Sec. 15.75. Rate of franchise taxes payable by foreign corporations.

(a) The annual franchise tax payable by each foreign 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 $2.083333 per month
based 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 foreign 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 the case
of
a corporation that 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 on January 1, 2004, the annual franchise tax payable by each
foreign corporation 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 or, in
the case of a corporation that 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 foreign 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
the 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 foreign 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 $2.083333 per month based 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 $2.083333 per month based 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 foreign 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 application for authority
is
filed by the
corporation under Section 13.15 of this Act, but in no event shall the
franchise tax be less than $25 nor more than $1,000,000 per annum.  Except
in the case of a foreign corporation that has begun transacting business in
Illinois prior to January 1, 1991, the initial franchise tax payable on or
after January 1, 1991, by each foreign
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 application for authority is
filed by the corporation under Section 13.15 of this Act, but
in no event
shall the franchise tax for a taxable year commencing prior to January 1,
2004 be less than $25 nor more than $1,000,000 per annum
plus 1/20 of 1% of the basis therefor
and in no event shall the franchise tax for a taxable year commencing on or
after
January 1, 2004 be less than $25 or more than $2,000,000 per annum plus 1/20 of
1% of the basis therefor.

(e) Whenever the application for authority indicates
that
the corporation commenced transacting business:

(1) prior to January 1, 1991, the initial franchise

tax shall be computed at the rate of 1/12 of 1/10 of 1% for each calendar month; or

(2) after December 31, 1990, the initial franchise

tax shall be computed at the rate of 1/12 of 15/100 of 1% for each calendar month.

(f) Each additional franchise tax payable by each foreign 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 foreign 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
foreign corporation shall be computed at the rate of 15/100 of 1%.

(Source: P.A. 98-756, eff. 7-16-14.)