Bill Text: IL HB0195 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Business Corporation Act of 1983. Makes a technical change in a Section concerning franchise taxes payable by domestic corporations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2017-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB0195 Detail]

Download: Illinois-2017-HB0195-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0195

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:
805 ILCS 5/15.35 from Ch. 32, par. 15.35

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,
3represented in the General Assembly:
4 Section 5. The Business Corporation Act of 1983 is amended
5by 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
8corporations. For the the privilege of exercising its
9franchises in this State, each domestic corporation shall pay
10to the Secretary of State the following franchise taxes,
11computed on the basis, at the rates and for the periods
12prescribed in this Act:
13 (a) An initial franchise tax at the time of filing its
14first report of issuance of shares.
15 (b) An additional franchise tax at the time of filing (1) a
16report of the issuance of additional shares, or (2) a report of
17an increase in paid-in capital without the issuance of shares,
18or (3) an amendment to the articles of incorporation or a
19report of cumulative changes in paid-in capital, whenever any
20amendment or such report discloses an increase in its paid-in
21capital over the amount thereof last reported in any document,
22other than an annual report, interim annual report or final
23transition annual report required by this Act to be filed in

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1the office of the Secretary of State.
2 (c) An additional franchise tax at the time of filing a
3report of paid-in capital following a statutory merger or
4consolidation, which discloses that the paid-in capital of the
5surviving or new corporation immediately after the merger or
6consolidation is greater than the sum of the paid-in capital of
7all of the merged or consolidated corporations as last reported
8by them in any documents, other than annual reports, required
9by this Act to be filed in the office of the Secretary of
10State; and in addition, the surviving or new corporation shall
11be liable for a further additional franchise tax on the paid-in
12capital of each of the merged or consolidated corporations as
13last reported by them in any document, other than an annual
14report, required by this Act to be filed with the Secretary of
15State from their taxable year end to the next succeeding
16anniversary month or, in the case of a corporation which has
17established an extended filing month, the extended filing month
18of the surviving or new corporation; however if the taxable
19year ends within the 2 month period immediately preceding the
20anniversary month or, in the case of a corporation which has
21established an extended filing month, the extended filing month
22of the surviving or new corporation the tax will be computed to
23the anniversary month or, in the case of a corporation which
24has established an extended filing month, the extended filing
25month of the surviving or new corporation in the next
26succeeding calendar year.

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1 (d) An annual franchise tax payable each year with the
2annual report which the corporation is required by this Act to
3file.
4(Source: P.A. 86-985.)
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