Illinois Compiled Statutes
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805 ILCS 5/15.65
(805 ILCS 5/15.65)
(from Ch. 32, par. 15.65)
(Section scheduled to be repealed on December 31, 2024)
Franchise taxes payable by foreign corporations.
For the privilege of exercising its authority to transact such business
in this State as set out in its application therefor or any amendment
thereto, each foreign 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 application for
authority to transact business in this State.
(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) a report of cumulative
changes in paid-in capital or a report of an exchange or reclassification
of shares, whenever any 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 the office of the Secretary of State.
(c) Whenever the corporation shall be a party to a statutory merger and
shall be the surviving corporation, an additional franchise tax at the time
of filing its report following merger, if such report discloses that the
amount represented in this State of its paid-in capital immediately after
the merger is greater than the aggregate of the amounts represented in this
State of the paid-in capital of such of the merged corporations as were
authorized to transact business in this State at the time of the merger, 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 corporation shall be liable for a further
additional franchise tax on the paid-in capital of each of the merged
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 corporation;
however if the taxable year ends within the 2 month period immediately
preceding the anniversary month or the extended filing month of the
surviving corporation, the tax will be computed to the anniversary or,
extended filing month of the surviving corporation in the next succeeding
(d) An annual franchise tax payable each year with any
annual report which the corporation is required by this Act to file.
(e) On or after January 1, 2020 and prior to January 1, 2021, the first $30 in liability is exempt from the tax imposed under this Section. On or after January 1, 2021 and prior to January 1, 2022, the first $1,000 in liability is exempt from the tax imposed under this Section. On or after January 1, 2022 and prior to January 1, 2023, the first $10,000 in liability is exempt from the tax imposed under this Section. On or after January 1, 2023 and prior to January 1, 2024, the first $100,000 in liability is exempt from the tax imposed under this Section. The provisions of this Section shall not require the payment of any franchise tax that would otherwise have been due and payable on or after January 1, 2024. There shall be no refunds or proration of franchise tax for any taxes due and payable on or after January 1, 2024 on the basis that a portion of the corporation's taxable year extends beyond January 1, 2024. This amendatory Act of the 101st General Assembly shall not affect any right accrued or established, or any liability or penalty incurred prior to January 1, 2024.
(f) This Section is repealed on December 31, 2024.
(Source: P.A. 101-9, eff. 6-5-19.)