Ill. Bell Telephone Co. v. Powell - Supreme Court of Illinois

Ill. Bell Telephone Co. v. Powell

By Supreme Court of Illinois

  • Release Date - Published: 1971-05-21
  • Book Genre: Law
  • Author: Supreme Court of Illinois
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Ill. Bell Telephone Co. v. Powell Supreme Court of Illinois read online review & book description:

The plaintiff, Illinois Bell Telephone Company, appeals directly to this court pursuant to our Rule 302(a)(1) (43 Ill.2d R. 302(a)(1)) from a judgment of the circuit court of Cook County denying recovery by plaintiff of $37,464.96 in "additional" franchise taxes and penalties allegedly due under the terms of sections 131 through 133 of the Business Corporation Act (Ill. Rev. Stat. 1967, ch. 32, pars. 157.131 through 157.133) and paid into a protest fund as provided for in an Act for payment of public money into the State Treasury. (Ill. Rev. Stat. 1967, ch. 127, par. 172.) Sections 131 through 133 of the Business Corporation Act, as amended in 1967, establish four categories of franchise taxes imposed on domestic corporations for the privilege of exercising franchises in this State. An "initial" francise tax, payable at the time of filing the first report of issuance of shares, is computed at the rate of 1/12 of 1/10 of 1% for each calendar month, or fraction thereof, between the date of issuance of the certificate of incorporation and July 1 of the next succeeding calendar year. The amount of the initial tax may not be less than $100 nor more than $1,000,000 per annum.

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