Bill Text: IL HB0779 | 2009-2010 | 96th General Assembly | Introduced

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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 - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0779 Detail]

Download: Illinois-2009-HB0779-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB0779 Introduced 2/9/2009, by Rep. Robert Rita 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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AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Business Corporation Act of 1983 is amended
by changing Section 15.35 as follows:
(805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
Sec. 15.35. Franchise taxes payable by domestic
corporations. For the the privilege of exercising its
franchises in this State, each domestic corporation shall pay
to the Secretary of State the following franchise taxes,
computed on the basis, at the rates and for the periods
prescribed in this Act:
(a) An initial franchise tax at the time of filing its
first report of issuance of shares.
(b) An additional franchise tax at the time of filing (1) a
report of the issuance of additional shares, or (2) a report of
an increase in paid-in capital without the issuance of shares,
or (3) an amendment to the articles of incorporation or a
report of cumulative changes in paid-in capital, whenever any
amendment or such report discloses an increase in its paid-in
capital over the amount thereof last reported in any document,
other than an annual report, interim annual report or final
transition annual report required by this Act to be filed in

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the office of the Secretary of State.
(c) An additional franchise tax at the time of filing a
report of paid-in capital following a statutory merger or
consolidation, which discloses that the paid-in capital of the
surviving or new corporation immediately after the merger or
consolidation is greater than the sum of the paid-in capital of
all of the merged or consolidated corporations as last reported
by them in any documents, other than annual reports, required
by this Act to be filed in the office of the Secretary of
State; and in addition, the surviving or new corporation shall
be liable for a further additional franchise tax on the paid-in
capital of each of the merged or consolidated corporations as
last reported by them in any document, other than an annual
report, required by this Act to be filed with the Secretary of
State from their taxable year end to the next succeeding
anniversary month or, in the case of a corporation which has
established an extended filing month, the extended filing month
of the surviving or new corporation; however if the taxable
year ends within the 2 month period immediately preceding the
anniversary month or, in the case of a corporation which has
established an extended filing month, the extended filing month
of the surviving or new corporation the tax will be computed to
the anniversary month or, in the case of a corporation which
has established an extended filing month, the extended filing
month of the surviving or new corporation in the next
succeeding calendar year.

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