HB0171 99TH GENERAL ASSEMBLY

LRB099 03747 KTG 23759 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0171

Introduced , by Rep. Ron Sandack

SYNOPSIS AS INTRODUCED:

805 ILCS 180/50-11 new

Amends the Limited Liability Company Act. Provides that the Secretary of State shall reduce the amount of any fee imposed under the Act by 50% if a majority of the membership interests in the domestic or foreign limited liability company responsible for paying the fee are, and the domestic or foreign limited liability company provides proof satisfactory to the Secretary of State that those interests are, held by one or more honorably discharged veterans of the armed forces of the United States. Provides that the Secretary of State shall adopt any rules necessary to implement this provision.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Limited Liability Company Act is amended by adding Section 50-11 as follows:

(805 ILCS 180/50-11 new)

Sec. 50-11. Fee reduction; veterans. The Secretary of State shall reduce the amount of any fee imposed under this Act by 50% if a majority of the membership interests in the domestic or foreign limited liability company responsible for paying the fee are, and the domestic or foreign limited liability company provides proof satisfactory to the Secretary of State that those interests are, held by one or more honorably discharged veterans of the armed forces of the United States. The Secretary of State shall adopt any rules necessary to implement this Section.