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IL SB3264

Bill

Official Source

Status

Failed

1/13/2015

Primary Sponsor

William Haine

Click for details

Origin

Senate

98th General Assembly

AI Summary

  • Amends Section 15.35 of the Business Corporation Act of 1983 regarding franchise taxes owed by domestic corporations to the Illinois Secretary of State
  • Requires an initial franchise tax when a corporation files its first report of share issuance
  • Requires additional franchise taxes when filing reports of additional share issuance, increases in paid-in capital, or amendments to articles of incorporation that disclose capital increases
  • Requires additional franchise taxes following statutory mergers or consolidations when the surviving or new corporation's paid-in capital exceeds the sum of the merged corporations' previously reported capital
  • Requires an annual franchise tax payable each year with the corporation's annual report filing

Legislative Description

CORP DISSOLUTION LIABILITY INS

Last Action

Session Sine Die

1/13/2015

Committee Referrals

Rules4/9/2014
Insurance2/25/2014
Assignments2/14/2014

Full Bill Text

No bill text available