SB2325 amends the Business Corporation Act of 1983 to modify penalties and interest rates for unpaid franchise taxes and fees.
SB2325 amends the Business Corporation Act of 1983 to change the penalties and interest rates for unpaid franchise taxes and fees. It specifies that the rate of penalties and interest on any franchise tax or fee is 2% for each month or part of a month that it is delinquent. The bill also exempts certain penalties and interest for corporations participating in the Franchise Tax and License Fee Amnesty Act of 2007 from February 1, 2008, through March 15, 2008. The changes are declarative of existing law and take effect immediately upon becoming law.
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