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 Full Text Bill Status