Every corporation organized under the laws of this state, except strictly benevolent, educational, or religious corporations, shall pay annually to the state an annual franchise tax based on its capital stock as follows: For the tax year beginningRate on each $1,000 of capital stockJanuary 1, 1984$10And all tax years thereafter$10 provided that in no event shall the amount paid by any corporation for annual franchise tax be less than the sum of $50.
History: (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §347; Acts 1955, 2nd Ex. Sess., No. 74, p. 191, §1; Acts 1971, 1st Ex. Sess., No. 103, p. 184, §1; Acts 1983, No. 83-745, p. 1233, §1.)