Illinois 2023-2024 Regular Session

Illinois Senate Bill SB1406 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1406 Introduced 2/6/2023, by Sen. Win Stoller SYNOPSIS AS INTRODUCED: 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2024. Repeals those Sections on January 1, 2025. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately. LRB103 04503 HLH 49509 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1406 Introduced 2/6/2023, by Sen. Win Stoller SYNOPSIS AS INTRODUCED: 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2024. Repeals those Sections on January 1, 2025. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately. LRB103 04503 HLH 49509 b LRB103 04503 HLH 49509 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1406 Introduced 2/6/2023, by Sen. Win Stoller SYNOPSIS AS INTRODUCED:
3	3	805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new
4	4	805 ILCS 5/15.35 from Ch. 32, par. 15.35
5	5	805 ILCS 5/15.65 from Ch. 32, par. 15.65
6	6	805 ILCS 5/15.98 new
7	7	Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2024. Repeals those Sections on January 1, 2025. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately.
8	8	LRB103 04503 HLH 49509 b LRB103 04503 HLH 49509 b
9	9	LRB103 04503 HLH 49509 b
10	10	A BILL FOR
11	11	SB1406LRB103 04503 HLH 49509 b SB1406 LRB103 04503 HLH 49509 b
12	12	SB1406 LRB103 04503 HLH 49509 b
13	13	1 AN ACT concerning revenue.
14	14	2 Be it enacted by the People of the State of Illinois,
15	15	3 represented in the General Assembly:
16	16	4 Section 5. The Business Corporation Act of 1983 is amended
17	17	5 by changing Sections 15.35 and 15.65 and by adding Section
18	18	6 15.98 as follows:
19	19	7 (805 ILCS 5/15.35) (from Ch. 32, par. 15.35)
20	20	8 (Text of Section from P.A. 102-16)
21	21	9 Sec. 15.35. Franchise taxes payable by domestic
22	22	10 corporations. For the privilege of exercising its franchises
23	23	11 in this State, each domestic corporation shall pay to the
24	24	12 Secretary of State the following franchise taxes, computed on
25	25	13 the basis, at the rates and for the periods prescribed in this
26	26	14 Act:
27	27	15 (a) An initial franchise tax at the time of filing its
28	28	16 first report of issuance of shares.
29	29	17 (b) An additional franchise tax at the time of filing
30	30	18 (1) a report of the issuance of additional shares, or (2) a
31	31	19 report of an increase in paid-in capital without the
32	32	20 issuance of shares, or (3) an amendment to the articles of
33	33	21 incorporation or a report of cumulative changes in paid-in
34	34	22 capital, whenever any amendment or such report discloses
35	35	23 an increase in its paid-in capital over the amount thereof
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39	39	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1406 Introduced 2/6/2023, by Sen. Win Stoller SYNOPSIS AS INTRODUCED:
40	40	805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.98 new
41	41	805 ILCS 5/15.35 from Ch. 32, par. 15.35
42	42	805 ILCS 5/15.65 from Ch. 32, par. 15.65
43	43	805 ILCS 5/15.98 new
44	44	Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2024. Repeals those Sections on January 1, 2025. Directs the Legislative Reference Bureau to prepare a bill effecting necessary changes to conform the statutes to the changes made by the amendatory Act. Effective immediately.
45	45	LRB103 04503 HLH 49509 b LRB103 04503 HLH 49509 b
46	46	LRB103 04503 HLH 49509 b
47	47	A BILL FOR
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53	53	805 ILCS 5/15.35 from Ch. 32, par. 15.35
54	54	805 ILCS 5/15.65 from Ch. 32, par. 15.65
55	55	805 ILCS 5/15.98 new
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74	74	1 last reported in any document, other than an annual
75	75	2 report, interim annual report or final transition annual
76	76	3 report required by this Act to be filed in the office of
77	77	4 the Secretary of State.
78	78	5 (c) An additional franchise tax at the time of filing
79	79	6 a report of paid-in capital following a statutory merger
80	80	7 or consolidation, which discloses that the paid-in capital
81	81	8 of the surviving or new corporation immediately after the
82	82	9 merger or consolidation is greater than the sum of the
83	83	10 paid-in capital of all of the merged or consolidated
84	84	11 corporations as last reported by them in any documents,
85	85	12 other than annual reports, required by this Act to be
86	86	13 filed in the office of the Secretary of State; and in
87	87	14 addition, the surviving or new corporation shall be liable
88	88	15 for a further additional franchise tax on the paid-in
89	89	16 capital of each of the merged or consolidated corporations
90	90	17 as last reported by them in any document, other than an
91	91	18 annual report, required by this Act to be filed with the
92	92	19 Secretary of State from their taxable year end to the next
93	93	20 succeeding anniversary month or, in the case of a
94	94	21 corporation which has established an extended filing
95	95	22 month, the extended filing month of the surviving or new
96	96	23 corporation; however if the taxable year ends within the
97	97	24 2-month period immediately preceding the anniversary month
98	98	25 or, in the case of a corporation which has established an
99	99	26 extended filing month, the extended filing month of the
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110	110	1 surviving or new corporation the tax will be computed to
111	111	2 the anniversary month or, in the case of a corporation
112	112	3 which has established an extended filing month, the
113	113	4 extended filing month of the surviving or new corporation
114	114	5 in the next succeeding calendar year.
115	115	6 (d) An annual franchise tax payable each year with the
116	116	7 annual report which the corporation is required by this
117	117	8 Act to file.
118	118	9 On or after January 1, 2020 and before prior to January 1,
119	119	10 2021, the first $30 in liability is exempt from the tax imposed
120	120	11 under this Section. On or after January 1, 2021 and before
121	121	12 January 1, 2022, the first $1,000 in liability is exempt from
122	122	13 the tax imposed under this Section. On or after January 1, 2022
123	123	14 and before January 1, 2023, the first $10,000 in liability is
124	124	15 exempt from the tax imposed under this Section. On or after
125	125	16 January 1, 2023 and before January 1, 2024, the first $100,000
126	126	17 in liability is exempt from the tax imposed under this
127	127	18 Section. The provisions of this Section shall not require the
128	128	19 payment of any franchise tax that would otherwise have been
129	129	20 due and payable on or after January 1, 2024. There shall be no
130	130	21 refunds or proration of franchise tax for any taxes due and
131	131	22 payable on or after January 1, 2024 on the basis that a portion
132	132	23 of the corporation's taxable year extends beyond January 1,
133	133	24 2024. Public Act 101-9 shall not affect any right accrued or
134	134	25 established, or any liability or penalty incurred prior to
135	135	26 January 1, 2024.
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146	146	1 This Section is repealed on January 1, 2025.
147	147	2 (Source: P.A. 101-9, eff. 6-5-19; 102-16, eff. 6-17-21.)
148	148	3 (Text of Section from P.A. 102-282)
149	149	4 Sec. 15.35. Franchise taxes payable by domestic
150	150	5 corporations. For the privilege of exercising its franchises
151	151	6 in this State, each domestic corporation shall pay to the
152	152	7 Secretary of State the following franchise taxes, computed on
153	153	8 the basis, at the rates and for the periods prescribed in this
154	154	9 Act:
155	155	10 (a) An initial franchise tax at the time of filing its
156	156	11 first report of issuance of shares.
157	157	12 (b) An additional franchise tax at the time of filing
158	158	13 (1) a report of the issuance of additional shares, or (2) a
159	159	14 report of an increase in paid-in capital without the
160	160	15 issuance of shares, or (3) an amendment to the articles of
161	161	16 incorporation or a report of cumulative changes in paid-in
162	162	17 capital, whenever any amendment or such report discloses
163	163	18 an increase in its paid-in capital over the amount thereof
164	164	19 last reported in any document, other than an annual
165	165	20 report, interim annual report or final transition annual
166	166	21 report required by this Act to be filed in the office of
167	167	22 the Secretary of State.
168	168	23 (c) An additional franchise tax at the time of filing
169	169	24 a report of paid-in capital following a statutory merger
170	170	25 or consolidation, which discloses that the paid-in capital
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181	181	1 of the surviving or new corporation immediately after the
182	182	2 merger or consolidation is greater than the sum of the
183	183	3 paid-in capital of all of the merged or consolidated
184	184	4 corporations as last reported by them in any documents,
185	185	5 other than annual reports, required by this Act to be
186	186	6 filed in the office of the Secretary of State; and in
187	187	7 addition, the surviving or new corporation shall be liable
188	188	8 for a further additional franchise tax on the paid-in
189	189	9 capital of each of the merged or consolidated corporations
190	190	10 as last reported by them in any document, other than an
191	191	11 annual report, required by this Act to be filed with the
192	192	12 Secretary of State from their taxable year end to the next
193	193	13 succeeding anniversary month or, in the case of a
194	194	14 corporation which has established an extended filing
195	195	15 month, the extended filing month of the surviving or new
196	196	16 corporation; however if the taxable year ends within the
197	197	17 2-month period immediately preceding the anniversary month
198	198	18 or, in the case of a corporation which has established an
199	199	19 extended filing month, the extended filing month of the
200	200	20 surviving or new corporation the tax will be computed to
201	201	21 the anniversary month or, in the case of a corporation
202	202	22 which has established an extended filing month, the
203	203	23 extended filing month of the surviving or new corporation
204	204	24 in the next succeeding calendar year.
205	205	25 (d) An annual franchise tax payable each year with the
206	206	26 annual report which the corporation is required by this
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217	217	1 Act to file.
218	218	2 On or after January 1, 2020 and before prior to January 1,
219	219	3 2021, the first $30 in liability is exempt from the tax imposed
220	220	4 under this Section. On or after January 1, 2021 and before
221	221	5 prior to January 1, 2022, the first $1,000 in liability is
222	222	6 exempt from the tax imposed under this Section. On or after
223	223	7 January 1, 2022 and before prior to January 1, 2023, the first
224	224	8 $10,000 in liability is exempt from the tax imposed under this
225	225	9 Section. On or after January 1, 2023 and before prior to
226	226	10 January 1, 2024, the first $100,000 in liability is exempt
227	227	11 from the tax imposed under this Section. The provisions of
228	228	12 this Section shall not require the payment of any franchise
229	229	13 tax that would otherwise have been due and payable on or after
230	230	14 January 1, 2024. There shall be no refunds or proration of
231	231	15 franchise tax for any taxes due and payable on or after January
232	232	16 1, 2024 on the basis that a portion of the corporation's
233	233	17 taxable year extends beyond January 1, 2024. Public Act 101-9
234	234	18 shall not affect any right accrued or established, or any
235	235	19 liability or penalty incurred prior to January 1, 2024.
236	236	20 This Section is repealed on January 1, 2025 December 31,
237	237	21 2024.
238	238	22 (Source: P.A. 101-9, eff. 6-5-19; 102-282, eff. 1-1-22.)
239	239	23 (Text of Section from P.A. 102-558)
240	240	24 Sec. 15.35. Franchise taxes payable by domestic
241	241	25 corporations. For the privilege of exercising its franchises
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252	252	1 in this State, each domestic corporation shall pay to the
253	253	2 Secretary of State the following franchise taxes, computed on
254	254	3 the basis, at the rates and for the periods prescribed in this
255	255	4 Act:
256	256	5 (a) An initial franchise tax at the time of filing its
257	257	6 first report of issuance of shares.
258	258	7 (b) An additional franchise tax at the time of filing
259	259	8 (1) a report of the issuance of additional shares, or (2) a
260	260	9 report of an increase in paid-in capital without the
261	261	10 issuance of shares, or (3) an amendment to the articles of
262	262	11 incorporation or a report of cumulative changes in paid-in
263	263	12 capital, whenever any amendment or such report discloses
264	264	13 an increase in its paid-in capital over the amount thereof
265	265	14 last reported in any document, other than an annual
266	266	15 report, interim annual report or final transition annual
267	267	16 report required by this Act to be filed in the office of
268	268	17 the Secretary of State.
269	269	18 (c) An additional franchise tax at the time of filing
270	270	19 a report of paid-in capital following a statutory merger
271	271	20 or consolidation, which discloses that the paid-in capital
272	272	21 of the surviving or new corporation immediately after the
273	273	22 merger or consolidation is greater than the sum of the
274	274	23 paid-in capital of all of the merged or consolidated
275	275	24 corporations as last reported by them in any documents,
276	276	25 other than annual reports, required by this Act to be
277	277	26 filed in the office of the Secretary of State; and in
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288	288	1 addition, the surviving or new corporation shall be liable
289	289	2 for a further additional franchise tax on the paid-in
290	290	3 capital of each of the merged or consolidated corporations
291	291	4 as last reported by them in any document, other than an
292	292	5 annual report, required by this Act to be filed with the
293	293	6 Secretary of State from their taxable year end to the next
294	294	7 succeeding anniversary month or, in the case of a
295	295	8 corporation which has established an extended filing
296	296	9 month, the extended filing month of the surviving or new
297	297	10 corporation; however if the taxable year ends within the
298	298	11 2-month period immediately preceding the anniversary month
299	299	12 or, in the case of a corporation which has established an
300	300	13 extended filing month, the extended filing month of the
301	301	14 surviving or new corporation the tax will be computed to
302	302	15 the anniversary month or, in the case of a corporation
303	303	16 which has established an extended filing month, the
304	304	17 extended filing month of the surviving or new corporation
305	305	18 in the next succeeding calendar year.
306	306	19 (d) An annual franchise tax payable each year with the
307	307	20 annual report which the corporation is required by this
308	308	21 Act to file.
309	309	22 On or after January 1, 2020 and before prior to January 1,
310	310	23 2021, the first $30 in liability is exempt from the tax imposed
311	311	24 under this Section. On or after January 1, 2021 and before
312	312	25 prior to January 1, 2022, the first $1,000 in liability is
313	313	26 exempt from the tax imposed under this Section. On or after
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324	324	1 January 1, 2022 and before prior to January 1, 2023, the first
325	325	2 $10,000 in liability is exempt from the tax imposed under this
326	326	3 Section. On or after January 1, 2023 and before prior to
327	327	4 January 1, 2024, the first $100,000 in liability is exempt
328	328	5 from the tax imposed under this Section. The provisions of
329	329	6 this Section shall not require the payment of any franchise
330	330	7 tax that would otherwise have been due and payable on or after
331	331	8 January 1, 2024. There shall be no refunds or proration of
332	332	9 franchise tax for any taxes due and payable on or after January
333	333	10 1, 2024 on the basis that a portion of the corporation's
334	334	11 taxable year extends beyond January 1, 2024. Public Act 101-9
335	335	12 shall not affect any right accrued or established, or any
336	336	13 liability or penalty incurred prior to January 1, 2024.
337	337	14 This Section is repealed on January 1, 2025 December 31,
338	338	15 2025.
339	339	16 (Source: P.A. 101-9, eff. 6-5-19; 102-558, eff. 8-20-21.)
340	340	17 (805 ILCS 5/15.65) (from Ch. 32, par. 15.65)
341	341	18 Sec. 15.65. Franchise taxes payable by foreign
342	342	19 corporations. For the privilege of exercising its authority to
343	343	20 transact such business in this State as set out in its
344	344	21 application therefor or any amendment thereto, each foreign
345	345	22 corporation shall pay to the Secretary of State the following
346	346	23 franchise taxes, computed on the basis, at the rates and for
347	347	24 the periods prescribed in this Act:
348	348	25 (a) An initial franchise tax at the time of filing its
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359	359	1 application for authority to transact business in this
360	360	2 State.
361	361	3 (b) An additional franchise tax at the time of filing
362	362	4 (1) a report of the issuance of additional shares, or (2) a
363	363	5 report of an increase in paid-in capital without the
364	364	6 issuance of shares, or (3) a report of cumulative changes
365	365	7 in paid-in capital or a report of an exchange or
366	366	8 reclassification of shares, whenever any such report
367	367	9 discloses an increase in its paid-in capital over the
368	368	10 amount thereof last reported in any document, other than
369	369	11 an annual report, interim annual report or final
370	370	12 transition annual report, required by this Act to be filed
371	371	13 in the office of the Secretary of State.
372	372	14 (c) Whenever the corporation shall be a party to a
373	373	15 statutory merger and shall be the surviving corporation,
374	374	16 an additional franchise tax at the time of filing its
375	375	17 report following merger, if such report discloses that the
376	376	18 amount represented in this State of its paid-in capital
377	377	19 immediately after the merger is greater than the aggregate
378	378	20 of the amounts represented in this State of the paid-in
379	379	21 capital of such of the merged corporations as were
380	380	22 authorized to transact business in this State at the time
381	381	23 of the merger, as last reported by them in any documents,
382	382	24 other than annual reports, required by this Act to be
383	383	25 filed in the office of the Secretary of State; and in
384	384	26 addition, the surviving corporation shall be liable for a
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395	395	1 further additional franchise tax on the paid-in capital of
396	396	2 each of the merged corporations as last reported by them
397	397	3 in any document, other than an annual report, required by
398	398	4 this Act to be filed with the Secretary of State, from
399	399	5 their taxable year end to the next succeeding anniversary
400	400	6 month or, in the case of a corporation which has
401	401	7 established an extended filing month, the extended filing
402	402	8 month of the surviving corporation; however if the taxable
403	403	9 year ends within the 2-month period immediately preceding
404	404	10 the anniversary month or the extended filing month of the
405	405	11 surviving corporation, the tax will be computed to the
406	406	12 anniversary or, extended filing month of the surviving
407	407	13 corporation in the next succeeding calendar year.
408	408	14 (d) An annual franchise tax payable each year with any
409	409	15 annual report which the corporation is required by this
410	410	16 Act to file.
411	411	17 On or after January 1, 2020 and before prior to January 1,
412	412	18 2021, the first $30 in liability is exempt from the tax imposed
413	413	19 under this Section. On or after January 1, 2021 and before
414	414	20 January 1, 2024, the first $1,000 in liability is exempt from
415	415	21 the tax imposed under this Section. The provisions of this
416	416	22 Section shall not require the payment of any franchise tax
417	417	23 that would otherwise have been due and payable on or after
418	418	24 January 1, 2024. There shall be no refunds or proration of
419	419	25 franchise tax for any taxes due and payable on or after January
420	420	26 1, 2024 on the basis that a portion of the corporation's
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431	431	1 taxable year extends beyond January 1, 2024. This amendatory
432	432	2 Act of the 103rd General Assembly shall not affect any right
433	433	3 accrued or established, or any liability or penalty incurred
434	434	4 prior to January 1, 2024.
435	435	5 This Section is repealed on January 1, 2025.
436	436	6 (Source: P.A. 101-9, eff. 6-5-19; 102-16, eff. 6-17-21;
437	437	7 102-558, eff. 8-20-21; 102-813, eff. 5-13-22.)
438	438	8 (805 ILCS 5/15.98 new)
439	439	9 Sec. 15.98. Preparation of bill. The Legislative Reference
440	440	10 Bureau shall prepare for introduction in the 2024 spring
441	441	11 session of the General Assembly a bill effecting such changes
442	442	12 in the statutes as may be necessary to conform the statutes to
443	443	13 the changes in law made by this amendatory Act of the 103rd
444	444	14 General Assembly.
445	445	15 Section 99. Effective date. This Act takes effect upon
446	446	16 becoming law.
447	447
448	448
449	449
450	450
451	451
452	452	SB1406 - 12 - LRB103 04503 HLH 49509 b