92nd General Assembly
Summary of HB5631
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House Sponsors:
LYONS,JOSEPH-CAPPARELLI-BEAUBIEN.

Senate Sponsors:
DILLARD

Short description: 
BUS CORP-FRANCHISE TAX                                                     

Synopsis of Bill as introduced:
        Amends the Business Corporation Act  of  1983.  Repeals  Sections      
   concerning  foreign and domestic corporation license fees and domestic      
   corporation franchise taxes. Adds new Sections  imposing  a  franchise      
   tax  upon  foreign  and  domestic corporations. Provides procedures to      
   apportion the taxable capital on business  conducted  or  on  property      
   located  in  Illinois.  Provides  the  tax rate for the franchise tax.      
   Provides that the  minimum  amount  of  franchise  tax  imposed  on  a      
   corporation  is $25 and the maximum is $1,000,000 upon taxable capital      
   and $1,000,000 upon additional taxable  capital.  Provides  procedures      
   for  computing  the  franchise tax for taxable periods of less than 12      
   months. Requires corporations to file a franchise tax return. Provides      
   that a corporation that dissolves,  liquidates,  withdraws  from  this      
   State,  or  has  its  corporate  existence  terminated  in a merger or      
   consolidation shall not be obligated to pay any franchise tax for  the      
   period from the end of its immediately preceding taxable period to the      
   date  of  the  liquidation,  dissolution,  withdrawal, or termination.      
   Provides for  penalties  and  interest  for  a  late  payment  of  the      
   franchise  tax.  Provides that the new franchise tax Sections apply to      
   all taxable periods ending on or after  December  31,  2002.  Provides      
   rules  for  transition  between the current franchise tax Sections and      
   the new franchise tax Sections. Effective immediately.                      
          FISCAL NOTE (Office of Secretary of State)                           
          Amendatory changes imposing a cap on additional franchise tax        
          could result in a revenue loss of $3 million.                        
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          805 ILCS 5/1.80                                                      
          805 ILCS 5/2.10                                                      
          805 ILCS 5/6.25                                                      
          805 ILCS 5/9.05                                                      
          805 ILCS 5/9.20                                                      
          805 ILCS 5/10.30                                                     
          805 ILCS 5/10.35                                                     
          805 ILCS 5/12.20                                                     
          805 ILCS 5/13.45                                                     
          805 ILCS 5/14.10                                                     
          805 ILCS 5/14.15                                                     
          805 ILCS 5/14.30                                                     
          805 ILCS 5/15.35                                                     
          805 ILCS 5/15.40                                                     
          805 ILCS 5/15.45                                                     
          805 ILCS 5/15.65                                                     
          805 ILCS 5/15.70                                                     
          805 ILCS 5/15.75                                                     
          805 ILCS 5/15A heading new                                           
          805 ILCS 5/15A.05 new                                                
          805 ILCS 5/15A.10 new                                                
          805 ILCS 5/15A.15 new                                                
          805 ILCS 5/15A.20 new                                                
          805 ILCS 5/15A.25 new                                                
          805 ILCS 5/15A.30 new                                                
          805 ILCS 5/15A.35 new                                                
          805 ILCS 5/15A.40 new                                                
          805 ILCS 5/15A.45 new                                                
          805 ILCS 5/15A.50 new                                                
          805 ILCS 5/15A.55 new                                                
          805 ILCS 5/15A.60 new                                                
          805 ILCS 5/15A.65 new                                                
          805 ILCS 5/15A.70 new                                                
          805 ILCS 5/15.20 rep.                                                
          805 ILCS 5/15.25 rep.                                                
          805 ILCS 5/15.30 rep.                                                
          805 ILCS 5/15.50 rep.                                                
          805 ILCS 5/15.55 rep.                                                
          805 ILCS 5/15.60 rep.                                                
          Adds reference to:                                                   
          805 ILCS 5/1.01                 from Ch. 32, par. 1.01               
        Deletes everything. Amends the Business Corporation Act of  1983.      
   Makes a technical change in a Section concerning the short title.           
        SENATE AMENDMENT NO. 1.                                                
        Adds an immediate effective date.                                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 
                                                                               



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