805 ILCS 5/16.05
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 16 - Penalties

 (from Ch. 32, par. 16.05)Sec. 16.05. Penalties and interest imposed upon corporations.(a) Each  corporation, domestic or foreign, that fails or refuses to file any annual  report or report of cumulative changes in paid-in capital and pay any  franchise tax due pursuant to the report prior to the first day of its  anniversary month  or, in the case of a corporation which has established an extended filing  month, the extended filing month of the corporation  shall pay a penalty of 10% of the amount of any  delinquent franchise tax due for the report. From February 1, 2008 through March 15, 2008, no penalty shall be imposed with respect to any amount of delinquent franchise tax paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(b) Each corporation, domestic or foreign, that fails or refuses to file  a report of issuance of shares or increase in paid-in capital within the  time prescribed by this Act is subject to a penalty on any obligation  occurring prior to January 1, 1991, and interest on those obligations on or  after January 1, 1991, for each calendar month or part of month that it is  delinquent in the amount of 2% of the amount of license fees and franchise  taxes provided by this Act to be paid on account of the issuance of shares  or increase in paid-in capital. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent license fees and franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(c) Each corporation, domestic or foreign, that fails or refuses to file  a  report of cumulative changes in paid-in capital or report following merger  within the time prescribed by this Act is subject to interest on or after  January 1, 1992, for each calendar month or part of month that it is  delinquent, in the amount of 2% of the amount of franchise taxes provided  by this Act to be paid on account of the issuance of shares or increase in  paid-in capital disclosed on the report of cumulative changes in paid-in  capital or report following merger, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no interest shall be charged with respect to any amount of delinquent franchise tax paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(d) If the annual franchise tax, or the supplemental annual franchise  tax  for any 12-month period commencing July 1, 1968, or July 1 of any  subsequent year through June 30, 1983, assessed in accordance with this  Act, is not paid by July 31, it is delinquent, and there is added a penalty  prior to January 1, 1991, and interest on and after January 1, 1991, of 2%  for each month or part of month that it is delinquent commencing with the  month of August, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(e) If the supplemental annual franchise tax assessed in accordance with  the provisions of this Act for the 12-month period commencing July 1,  1967, is not paid by September 30, 1967, it is delinquent, and there is  added a penalty prior to January 1, 1991, and interest on and after  January 1, 1991, of 2% for each month or part of month that it is  delinquent commencing with the month of October, 1967. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(f) If any annual franchise tax for any period beginning on or after  July 1,  1983, is not paid by the time period herein prescribed, it is delinquent  and there is added a penalty prior to January 1, 1991, and interest on  and after January 1, 1991, of 2% for each month or part of a month that  it is delinquent commencing with the anniversary month or in the case of  a corporation that has established an extended filing month, the extended  filing month, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.(g) Any corporation, domestic or foreign, failing to pay the prescribed  fee for assumed corporate name renewal when due and payable shall be given  notice of nonpayment by the Secretary of State by regular mail; and if  the fee together with a penalty fee of $5 is not paid within  90 days after the notice is mailed, the right to use the assumed  name shall cease.(h) Any corporation which (i) puts forth any sign or  advertisement, assuming  any name other than that by which it is incorporated or otherwise  authorized by law to act or (ii) violates Section 3.25, shall be guilty of  a Class C misdemeanor and  shall be deemed guilty of an additional offense for each day it shall  continue to so offend.(i) Each corporation, domestic or foreign, that fails or refuses (1) to  answer truthfully and fully within the time prescribed by this Act  interrogatories propounded by the Secretary of State in accordance with  this Act or (2) to perform any other act required by this Act to be  performed by the corporation, is guilty of a Class C misdemeanor.(j) Each corporation that fails or refuses to file articles of  revocation  of dissolution within the time prescribed by this Act is subject to a  penalty for each calendar month or part of the month that it is delinquent  in the amount of $50.  (Source: P.A. 95-233, eff. 8-16-07; 95-707, eff. 1-11-08; 96-1121, eff. 1-1-11.)