State of Illinois
92nd General Assembly
Legislation

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92_HB4858

 
                                               LRB9213426JSpc

 1        AN ACT regarding business corporations.

 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
 5    amended 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 privilege of exercising its franchises
 9    in this State, each domestic corporation  shall  pay  to  the
10    Secretary of State the following franchise taxes, computed on
11    the  basis,  at  the  rates and for the periods prescribed in
12    this Act:
13        (a)  An initial franchise tax at the time of  filing  the
14    corporation's its first report of issuance of shares.
15        (b)  An  additional  franchise  tax at the time of filing
16    (1) a report of the issuance of additional shares, or  (2)  a
17    report of an increase in paid-in capital without the issuance
18    of   shares,   or   (3)  an  amendment  to  the  articles  of
19    incorporation or a report of cumulative  changes  in  paid-in
20    capital,  whenever  any amendment or such report discloses an
21    increase in its paid-in capital over the amount thereof  last
22    reported  in  any  document,  other  than  an  annual report,
23    interim annual  report  or  final  transition  annual  report
24    required  by  this  Act  to  be  filed  in  the office of the
25    Secretary of State.
26        (c)  An additional franchise tax at the time of filing  a
27    report  of  paid-in  capital  following a statutory merger or
28    consolidation, which discloses that the  paid-in  capital  of
29    the surviving or new corporation immediately after the merger
30    or  consolidation  is  greater  than  the  sum of the paid-in
31    capital of all of the merged or consolidated corporations  as
 
                            -2-                LRB9213426JSpc
 1    last  reported  by  them  in any documents, other than annual
 2    reports, required by this Act to be filed in  the  office  of
 3    the Secretary of State; and in addition, the surviving or new
 4    corporation   shall   be  liable  for  a  further  additional
 5    franchise tax on the paid-in capital of each of the merged or
 6    consolidated 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 the
10    case of a  corporation  which  has  established  an  extended
11    filing  month,  the extended filing month of the surviving or
12    new corporation; however if the taxable year ends within  the
13    2  month  period  immediately preceding the anniversary month
14    or, in the case of a corporation  which  has  established  an
15    extended  filing  month,  the  extended  filing  month of the
16    surviving or new corporation the tax will be computed to  the
17    anniversary  month or, in the case of a corporation which has
18    established an extended filing  month,  the  extended  filing
19    month  of  the  surviving  or  new  corporation  in  the next
20    succeeding calendar year.
21        (d)  An annual franchise tax payable each year  with  the
22    annual  report  which the corporation is required by this Act
23    to file.
24    (Source: P.A. 86-985.)

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