§ 44-12-1 - Tax imposed – Corporations liable – Credit for tax on income – Reduced rate where no business done.
SECTION 44-12-1
§ 44-12-1 Tax imposed – Corporationsliable – Credit for tax on income – Reduced rate where no businessdone. – (a) Every corporation, joint-stock company, or association incorporated in thisstate or qualified to do business in this state, whether or not doing businessfor profit, all referred to in this section under the term "corporation",except those enumerated in § 44-12-11, shall pay an annual franchise taxto the state upon its authorized capital stock of two dollars fifty cents($2.50) for each ten thousand dollars ($10,000) or fractional part, or the sumof five hundred dollars ($500), whichever is greater.
(b) In the case of corporations liable to a tax under chapter11 of this title, only the amount by which the franchise tax exceeds the taxpayable under that chapter shall be assessed.
(c) If a corporation shall show by supplemental affidavitattached to the prescribed return and signed in the manner provided for eachreturn that it has not, at any time during its preceding taxable year, beenengaged within the state in any business activities, it shall only pay anannual franchise tax upon its authorized capital stock at the following rates:five hundred dollars ($500) where the stock does not exceed one million dollars($1,000,000); and the further sum of twelve dollars fifty cents ($12.50) foreach additional one million dollars ($1,000,000) or fractional part of thestock.