Full Text of SB3457 102nd General Assembly
SB3457 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB3457 Introduced 1/18/2022, by Sen. Brian W. Stewart SYNOPSIS AS INTRODUCED: |
| 35 ILCS 5/232 new | | 35 ILCS 735/3-3 | from Ch. 120, par. 2603-3 |
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Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | adding Section 232 as follows: | 6 | | (35 ILCS 5/232 new) | 7 | | Sec. 232. Small business bonus investment credit. | 8 | | (a) For tax years beginning on or after January 1, 2023, | 9 | | subject to the limitations of subsection (e), a taxpayer is | 10 | | entitled to a credit against the taxes imposed under | 11 | | subsections (a) and (b) of Section 201 of this Act in an amount | 12 | | equal to 1% of the expenses claimed by the taxpayer as a | 13 | | federal income tax deduction pursuant to Section 179 of the | 14 | | Internal Revenue Code for the tax year. | 15 | | (b) If the taxpayer is a partnership or Subchapter S | 16 | | corporation, the credit is allowed to the partners or | 17 | | shareholders in accordance with the determination of income | 18 | | and distributive share of income under Sections 702 and 704 | 19 | | and Subchapter S of the Internal Revenue Code. | 20 | | (c) If the amount of the credit exceeds the tax liability | 21 | | for the year, then the excess credit may be carried forward and | 22 | | applied to the tax liability of the 5 taxable years following | 23 | | the excess credit year. The credit shall be applied to the |
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| 1 | | earliest year for which there is a tax liability. If there are | 2 | | credits from more than one tax year that are available to | 3 | | offset a liability, the earlier credit shall be applied first. | 4 | | In no event shall a credit under this Section reduce the | 5 | | taxpayer's liability to less than zero. | 6 | | (d) A sale, assignment, or transfer of this credit may be | 7 | | made by the taxpayer in accordance with rules adopted by the | 8 | | Department. In the event the Department audits the taxpayer | 9 | | and establishes a final liability that reduces the amount of a | 10 | | credit that has been sold, assigned, or transferred, the | 11 | | taxpayer remains liable to the Department and the Department | 12 | | may not attempt to recoup the credit from a purchaser, | 13 | | assignee, or transferee. | 14 | | (e) The maximum aggregate amount of credits awarded under | 15 | | this Section may not exceed $45,000,000 in any calendar year. | 16 | | No credit may be awarded if claimed on a return that is filed | 17 | | after the original due date plus any automatic extension. The | 18 | | Department shall determine the total amount of credits claimed | 19 | | for a calendar year by March 1 of the next calendar year. If | 20 | | the timely claims for the credit exceed $45,000,000 in any | 21 | | calendar year, the Department shall reduce the amount of the | 22 | | credit pro rata and provide written notice of the reduction to | 23 | | each taxpayer. The notice of reduction is a Notice and Demand | 24 | | under Section 902 of this Act and shall not be a protestable | 25 | | notice under Section 903 of this Act. In no event shall any | 26 | | purchaser, assignee, or transferee be responsible for such |
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| 1 | | additional tax. Each taxpayer shall report and repay | 2 | | additional taxes required by the reduction of the credit | 3 | | within 60 days after the notice of the reduction. No | 4 | | underpayment penalty or interest shall accrue pursuant to the | 5 | | Uniform Penalty and Interest Act on such additional tax so | 6 | | long as the additional tax is paid within 60 days after the | 7 | | notice of reduction. Nothing in this subsection shall preclude | 8 | | the Department from reducing the amount of credit granted to | 9 | | any taxpayer as a result of an audit. | 10 | | (f) The Department shall adopt rules to enforce and | 11 | | administer provisions of this Section on or before January 1, | 12 | | 2023. | 13 | | (g) This Section is exempt from the provisions of Section | 14 | | 250. | 15 | | Section 10. The Uniform Penalty and Interest Act is | 16 | | amended by changing Section 3-3 as follows:
| 17 | | (35 ILCS 735/3-3) (from Ch. 120, par. 2603-3)
| 18 | | Sec. 3-3. Penalty for failure to file or pay.
| 19 | | (a) This subsection (a) is applicable before January 1, | 20 | | 1996. A penalty
of 5% of the tax required to be shown due on a | 21 | | return shall be
imposed for failure to file the tax return on | 22 | | or before the due date prescribed
for filing determined with | 23 | | regard for any extension of time for filing
(penalty
for late | 24 | | filing or nonfiling). If any unprocessable return is corrected |
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| 1 | | and
filed within 21 days after notice by the Department, the | 2 | | late filing or
nonfiling penalty shall not apply. If a penalty | 3 | | for late filing or nonfiling
is imposed in addition to a | 4 | | penalty for late payment, the total penalty due
shall be the | 5 | | sum of the late filing penalty and the applicable late payment
| 6 | | penalty.
Beginning on the effective date of this amendatory | 7 | | Act of 1995, in the case
of any type of tax return required to | 8 | | be filed more frequently
than annually, when the failure to | 9 | | file the tax return on or before the
date prescribed for filing | 10 | | (including any extensions) is shown to be
nonfraudulent and | 11 | | has not occurred in the 2 years immediately preceding the
| 12 | | failure to file on the prescribed due date, the penalty | 13 | | imposed by Section
3-3(a) shall be abated.
| 14 | | (a-5) This subsection (a-5) is applicable to returns due | 15 | | on and after
January 1, 1996 and on or before December 31, | 16 | | 2000.
A penalty equal to 2% of
the tax required to be shown due | 17 | | on a return, up to a maximum amount of $250,
determined without | 18 | | regard to any part of the tax that is paid on time or by any
| 19 | | credit that was properly allowable on the date the return was | 20 | | required to be
filed, shall be
imposed for failure to file the | 21 | | tax return on or before the due date prescribed
for filing | 22 | | determined with regard for any extension of time for filing.
| 23 | | However, if any return is not filed within 30 days after notice | 24 | | of nonfiling
mailed by the Department to the last known | 25 | | address of the taxpayer contained in
Department records, an | 26 | | additional penalty amount shall be imposed equal to the
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| 1 | | greater of $250 or 2% of the tax shown on the return. However, | 2 | | the additional
penalty amount may not exceed $5,000 and is | 3 | | determined without regard to any
part of the tax that is paid | 4 | | on time or by any credit that was properly
allowable on the | 5 | | date the return was required to be filed (penalty
for late | 6 | | filing or nonfiling). If any unprocessable return is corrected | 7 | | and
filed within 30 days after notice by the Department, the | 8 | | late filing or
nonfiling penalty shall not apply. If a penalty | 9 | | for late filing or nonfiling
is imposed in addition to a | 10 | | penalty for late payment, the total penalty due
shall be the | 11 | | sum of the late filing penalty and the applicable late payment
| 12 | | penalty.
In the case of any type of tax return required to be | 13 | | filed more frequently
than annually, when the failure to file | 14 | | the tax return on or before the
date prescribed for filing | 15 | | (including any extensions) is shown to be
nonfraudulent and | 16 | | has not occurred in the 2 years immediately preceding the
| 17 | | failure to file on the prescribed due date, the penalty | 18 | | imposed by Section
3-3(a-5) shall be abated.
| 19 | | (a-10) This subsection (a-10) is applicable to returns due | 20 | | on and after
January 1, 2001.
A penalty equal to 2% of
the tax | 21 | | required to be shown due on a return, up to a maximum amount of | 22 | | $250,
reduced by any tax that is
paid on time or by any
credit | 23 | | that was properly allowable on the date the return was | 24 | | required to be
filed, shall be
imposed for failure to file the | 25 | | tax return on or before the due date prescribed
for filing | 26 | | determined with regard for any extension of time for filing.
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| 1 | | However, if any return is not filed within 30 days after notice | 2 | | of nonfiling
mailed by the Department to the last known | 3 | | address of the taxpayer contained in
Department records, an | 4 | | additional penalty amount shall be imposed equal to the
| 5 | | greater of $250 or 2% of the tax shown on the return. However, | 6 | | the additional
penalty amount may not exceed $5,000 and is | 7 | | determined without regard to any
part of the tax that is paid | 8 | | on time or by any credit that was properly
allowable on the | 9 | | date the return was required to be filed (penalty
for late | 10 | | filing or nonfiling). If any unprocessable return is corrected | 11 | | and
filed within 30 days after notice by the Department, the | 12 | | late filing or
nonfiling penalty shall not apply. If a penalty | 13 | | for late filing or nonfiling
is imposed in addition to a | 14 | | penalty for late payment, the total penalty due
shall be the | 15 | | sum of the late filing penalty and the applicable late payment
| 16 | | penalty.
In the case of any type of tax return required to be | 17 | | filed more frequently
than annually, when the failure to file | 18 | | the tax return on or before the
date prescribed for filing | 19 | | (including any extensions) is shown to be
nonfraudulent and | 20 | | has not occurred in the 2 years immediately preceding the
| 21 | | failure to file on the prescribed due date, the penalty | 22 | | imposed by this subsection (a-10) shall be abated. This | 23 | | subsection (a-10) does not apply to transaction reporting | 24 | | returns required by Section 3 of the Retailers' Occupation Tax | 25 | | Act and Section 9 of the Use Tax Act that would not, when | 26 | | properly prepared and filed, result in the imposition of a |
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| 1 | | tax; however, those returns are subject to the penalty set | 2 | | forth in subsection (a-15).
| 3 | | (a-15) A penalty of $100 shall be imposed for failure to | 4 | | file a transaction reporting return required by Section 3 of | 5 | | the Retailers' Occupation Tax Act and Section 9 of the Use Tax | 6 | | Act on or before the date a return is required to be filed; | 7 | | provided, however, that this penalty shall be imposed only if | 8 | | the return when properly prepared and filed would not result | 9 | | in the imposition of a tax. If such a transaction reporting | 10 | | return would result in the imposition of a tax when properly | 11 | | prepared and filed, then that return is subject to the | 12 | | provisions of subsection (a-10). | 13 | | (b) This subsection is applicable before January 1, 1998.
| 14 | | A penalty of 15% of the tax shown on the return or the tax | 15 | | required to
be shown due on the return shall be imposed for | 16 | | failure to pay:
| 17 | | (1) the tax shown due on the return on or before the | 18 | | due date prescribed
for payment of that tax, an amount of | 19 | | underpayment of estimated tax, or an
amount that is | 20 | | reported in an amended return other than an amended return
| 21 | | timely filed as required by subsection (b) of Section 506 | 22 | | of the Illinois
Income Tax Act (penalty for late payment | 23 | | or nonpayment of admitted liability);
or
| 24 | | (2) the full amount of any tax required to be shown due | 25 | | on a
return and which is not shown (penalty for late | 26 | | payment or nonpayment of
additional liability), within 30 |
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| 1 | | days after a notice of arithmetic error,
notice and | 2 | | demand, or a final assessment is issued by the Department.
| 3 | | In the case of a final assessment arising following a | 4 | | protest and hearing,
the 30-day period shall not begin | 5 | | until all proceedings in court for review of
the final | 6 | | assessment have terminated or the period for obtaining a | 7 | | review has
expired without proceedings for a review having | 8 | | been instituted. In the case
of a notice of tax liability | 9 | | that becomes a final assessment without a protest
and | 10 | | hearing, the penalty provided in this paragraph (2) shall | 11 | | be imposed at the
expiration of the period provided for | 12 | | the filing of a protest.
| 13 | | (b-5) This subsection is applicable to returns due on and | 14 | | after January
1, 1998 and on or before December 31, 2000.
A | 15 | | penalty of 20% of the tax shown on the return or the tax | 16 | | required to be
shown due on the return shall be imposed for | 17 | | failure to
pay:
| 18 | | (1) the tax shown due on the return on or before the | 19 | | due date prescribed
for payment of that tax, an amount of | 20 | | underpayment of estimated tax, or an
amount that is | 21 | | reported in an amended return other than an amended return
| 22 | | timely filed as required by subsection (b) of Section 506 | 23 | | of the Illinois
Income Tax Act (penalty for late payment | 24 | | or nonpayment of admitted liability);
or
| 25 | | (2) the full amount of any tax required to be shown due | 26 | | on a
return and which is not shown (penalty for late |
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| 1 | | payment or nonpayment of
additional liability), within 30 | 2 | | days after a notice of arithmetic error,
notice and | 3 | | demand, or a final assessment is issued by the Department.
| 4 | | In the case of a final assessment arising following a | 5 | | protest and hearing,
the 30-day period shall not begin | 6 | | until all proceedings in court for review of
the final | 7 | | assessment have terminated or the period for obtaining a | 8 | | review has
expired without proceedings for a review having | 9 | | been instituted. In the case
of a notice of tax liability | 10 | | that becomes a final assessment without a protest
and | 11 | | hearing, the penalty provided in this paragraph (2) shall | 12 | | be imposed at the
expiration of the period provided for | 13 | | the filing of a protest.
| 14 | | (b-10) This subsection (b-10) is applicable to returns due | 15 | | on and after
January 1, 2001 and on or before December 31, | 16 | | 2003. A penalty shall be
imposed for failure to pay:
| 17 | | (1) the tax shown due on a return on or before the due | 18 | | date prescribed for
payment of that tax, an amount of | 19 | | underpayment of estimated tax, or an amount
that is | 20 | | reported in an amended return other than an amended return | 21 | | timely filed
as required by subsection (b) of Section 506 | 22 | | of the Illinois Income Tax Act
(penalty for late payment | 23 | | or nonpayment of admitted liability). The amount of
| 24 | | penalty imposed under this subsection (b-10)(1) shall be | 25 | | 2% of any amount that
is paid no later than 30 days after | 26 | | the due date, 5% of any amount that is
paid later than 30 |
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| 1 | | days after the due date and not later than 90 days after
| 2 | | the due date, 10% of any amount that is paid later than 90 | 3 | | days after the due
date and not later than 180 days after | 4 | | the due date, and 15% of any amount that
is paid later than | 5 | | 180 days after the
due date.
If notice and demand is made | 6 | | for the payment of any amount of tax due and if
the amount | 7 | | due is paid within 30 days after the date of the notice and | 8 | | demand,
then the penalty for late payment or nonpayment of | 9 | | admitted liability under
this subsection (b-10)(1) on the | 10 | | amount so paid shall not accrue for the period
after the | 11 | | date of the notice and demand.
| 12 | | (2) the full amount of any tax required to be shown due | 13 | | on a return and
that is not shown (penalty for late payment | 14 | | or nonpayment of additional
liability), within 30 days | 15 | | after a notice of arithmetic error, notice and
demand, or | 16 | | a final assessment is issued by the Department. In the | 17 | | case of a
final assessment arising following a protest and | 18 | | hearing, the 30-day period
shall not begin until all | 19 | | proceedings in court for review of the final
assessment | 20 | | have terminated or the period for obtaining a review has | 21 | | expired
without proceedings for a review having been | 22 | | instituted. The amount of penalty
imposed under this | 23 | | subsection (b-10)(2) shall be 20% of any amount that is | 24 | | not
paid within the 30-day period. In the case of a notice | 25 | | of tax liability that
becomes a final assessment without a | 26 | | protest and hearing, the penalty provided
in this |
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| 1 | | subsection (b-10)(2) shall be imposed at the expiration of | 2 | | the period
provided for the filing of a protest.
| 3 | | (b-15) This subsection (b-15) is applicable to returns due | 4 | | on and after
January 1, 2004 and on or before December 31, | 5 | | 2004. A penalty shall be imposed for failure to pay the tax | 6 | | shown due or
required to be shown due on a return on or before | 7 | | the due date prescribed for
payment of that tax, an amount of | 8 | | underpayment of estimated tax, or an amount
that is reported | 9 | | in an amended return other than an amended return timely filed
| 10 | | as required by subsection (b) of Section 506 of the Illinois | 11 | | Income Tax Act
(penalty for late payment or nonpayment of | 12 | | admitted liability). The amount of
penalty imposed under this | 13 | | subsection (b-15)(1) shall be 2% of any amount that
is paid no | 14 | | later than 30 days after the due date, 10% of any amount that | 15 | | is
paid later than 30 days after the due date and not later | 16 | | than 90 days after the
due date, 15% of any amount that is paid | 17 | | later than 90 days after the due date
and not later than 180 | 18 | | days after the due date, and 20% of any amount that is
paid | 19 | | later than 180 days after the due date. If notice and demand is | 20 | | made for
the payment of any amount of tax due and if the amount | 21 | | due is paid within 30
days after the date of this notice and | 22 | | demand, then the penalty for late
payment or nonpayment of | 23 | | admitted liability under this subsection (b-15)(1) on
the | 24 | | amount so paid shall not accrue for the period after the date | 25 | | of the notice
and demand.
| 26 | | (b-20) This subsection (b-20) is applicable to returns due |
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| 1 | | on and after January 1, 2005. | 2 | | (1) A penalty shall be imposed for failure to pay, | 3 | | prior to the due date for payment, any amount of tax the | 4 | | payment of which is required to be made prior to the filing | 5 | | of a return or without a return (penalty for late payment | 6 | | or nonpayment of estimated or accelerated tax). The amount | 7 | | of penalty imposed under this paragraph (1) shall be 2% of | 8 | | any amount that is paid no later than 30 days after the due | 9 | | date and 10% of any amount that is paid later than 30 days | 10 | | after the due date. | 11 | | (2) A penalty shall be imposed for failure to pay the | 12 | | tax shown due or required to be shown due on a return on or | 13 | | before the due date prescribed for payment of that tax or | 14 | | an amount that is reported in an amended return other than | 15 | | an amended return timely filed as required by subsection | 16 | | (b) of Section 506 of the Illinois Income Tax Act (penalty | 17 | | for late payment or nonpayment of tax). The amount of | 18 | | penalty imposed under this paragraph (2) shall be 2% of | 19 | | any amount that is paid no later than 30 days after the due | 20 | | date, 10% of any amount that is paid later than 30 days | 21 | | after the due date and prior to the date the Department has | 22 | | initiated an audit or investigation of the taxpayer, and | 23 | | 20% of any amount that is paid after the date the | 24 | | Department has initiated an audit or investigation of the | 25 | | taxpayer; provided that the penalty shall be reduced to | 26 | | 15% if the entire amount due is paid not later than 30 days |
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| 1 | | after the Department has provided the taxpayer with an | 2 | | amended return (following completion of an occupation, | 3 | | use, or excise tax audit) or a form for waiver of | 4 | | restrictions on assessment (following completion of an | 5 | | income tax audit); provided further that the reduction to | 6 | | 15% shall be rescinded if the taxpayer makes any claim for | 7 | | refund or credit of the tax, penalties, or interest | 8 | | determined to be due upon audit, except in the case of a | 9 | | claim filed pursuant to subsection (b) of Section 506 of | 10 | | the Illinois Income Tax Act or to claim a carryover of a | 11 | | loss or credit, the availability of which was not | 12 | | determined in the audit. For purposes of this paragraph | 13 | | (2), any overpayment reported on an original return that | 14 | | has been allowed as a refund or credit to the taxpayer | 15 | | shall be deemed to have not been paid on or before the due | 16 | | date for payment and any amount paid under protest | 17 | | pursuant to the provisions of the State Officers and | 18 | | Employees Money Disposition Act shall be deemed to have | 19 | | been paid after the Department has initiated an audit and | 20 | | more than 30 days after the Department has provided the | 21 | | taxpayer with an amended return (following completion of | 22 | | an occupation, use, or excise tax audit) or a form for | 23 | | waiver of restrictions on assessment (following completion | 24 | | of an income tax audit). | 25 | | (3) The penalty imposed under this subsection (b-20) | 26 | | shall be deemed assessed at the time the tax upon which the |
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| 1 | | penalty is computed is assessed, except that, if the | 2 | | reduction of the penalty imposed under paragraph (2) of | 3 | | this subsection (b-20) to 15% is rescinded because a claim | 4 | | for refund or credit has been filed, the increase in | 5 | | penalty shall be deemed assessed at the time the claim for | 6 | | refund or credit is filed.
| 7 | | (b-25) If the amount of the credit awarded to a taxpayer | 8 | | under Section 232 of the Illinois Income Tax Act is reduced | 9 | | because the claims for credit exceed the maximum aggregate | 10 | | amount of the credit set forth in that Section, then no | 11 | | underpayment penalty or interest shall accrue pursuant to this | 12 | | Act on the additional tax so long as the additional tax is paid | 13 | | within 60 days after the notice of reduction. | 14 | | (c) For purposes of the late payment penalties, the basis | 15 | | of the penalty
shall be the tax shown or required to be shown | 16 | | on a return, whichever is
applicable, reduced by any part of | 17 | | the tax which is paid on time and by any
credit which was | 18 | | properly allowable on the date the return was required to
be | 19 | | filed.
| 20 | | (d) A penalty shall be applied to the tax required to be | 21 | | shown even if
that amount is less than the tax shown on the | 22 | | return.
| 23 | | (e) This subsection (e) is applicable to returns due | 24 | | before January 1,
2001.
If both a subsection (b)(1) or | 25 | | (b-5)(1) penalty and a subsection (b)(2)
or (b-5)(2) penalty | 26 | | are assessed against the same return, the subsection
(b)(2) or |
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| 1 | | (b-5)(2) penalty shall
be assessed against only the additional | 2 | | tax found to be due.
| 3 | | (e-5) This subsection (e-5) is applicable to returns due | 4 | | on and after
January 1, 2001.
If both a subsection (b-10)(1) | 5 | | penalty and a subsection
(b-10)(2) penalty are assessed | 6 | | against the same return,
the subsection (b-10)(2) penalty | 7 | | shall be assessed against
only the additional tax found to be | 8 | | due.
| 9 | | (f) If the taxpayer has failed to file the return, the | 10 | | Department shall
determine the correct tax according to its | 11 | | best judgment and information,
which amount shall be prima | 12 | | facie evidence of the correctness of the tax due.
| 13 | | (g) The time within which to file a return or pay an amount | 14 | | of tax due
without imposition of a penalty does not extend the | 15 | | time within which to
file a protest to a notice of tax | 16 | | liability or a notice of deficiency.
| 17 | | (h) No return shall be determined to be unprocessable | 18 | | because of the
omission of any information requested on the | 19 | | return pursuant to Section
2505-575
of the Department of | 20 | | Revenue Law (20 ILCS 2505/2505-575).
| 21 | | (i) If a taxpayer has a tax liability for the taxable | 22 | | period ending after June 30,
1983 and prior to July 1, 2002 | 23 | | that is eligible for amnesty under the
Tax Delinquency Amnesty | 24 | | Act and the taxpayer fails to satisfy the tax liability
during | 25 | | the amnesty period provided for in that Act for that taxable | 26 | | period, then the penalty imposed by
the Department under this |
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| 1 | | Section shall be imposed in an amount that is 200% of
the | 2 | | amount that would otherwise be imposed under this Section.
| 3 | | (j) If a taxpayer has a tax liability for the taxable | 4 | | period ending after June 30, 2002 and prior to July 1, 2009 | 5 | | that is eligible for amnesty under the
Tax Delinquency Amnesty | 6 | | Act, except for any tax liability reported pursuant to Section | 7 | | 506(b) of the Illinois Income Tax Act (35 ILCS 5/506(b)) that | 8 | | is not final, and the taxpayer fails to satisfy the tax | 9 | | liability
during the amnesty period provided for in that Act | 10 | | for that taxable period, then the penalty imposed by
the | 11 | | Department under this Section shall be imposed in an amount | 12 | | that is 200% of
the amount that would otherwise be imposed | 13 | | under this Section. | 14 | | (Source: P.A. 98-425, eff. 8-16-13; 99-335, eff. 8-10-15.)
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law.
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