made for the year ended December 31, 1997 and any quarterly installments of the taxpayer's total estimated 1998 retaliatory tax liability paid prior to the effective date of this Amendatory Act of 1998 that do not include the items specified by subsection (1) of this Section shall be amended and restated, at the taxpayer's election, on forms prepared by the Director so as to provide for the inclusion of such items. An amended and restated return for the year ended December 31, 1997 filed under this subparagraph shall treat any payment of estimated privilege taxes under Section 409 as in effect prior to October 23, 1997 as a payment of estimated retaliatory taxes for the year ended December 31, 1997.
(3) Any tax payment made under this Section and any tax returns prepared
in compliance with Section 410 shall give full consideration to the impact
of any future reduction in or elimination of a taxpayer's liability under
Section 409, whether such reduction or elimination is due to an operation
of law or an Act of the General Assembly.
(4) Any foreign or alien taxpayer who makes, under protest, a tax payment
required by Section 409 shall, at the time of payment, file a retaliatory
tax return sufficient to disclose the full amount of retaliatory taxes which
would be due and owing for the tax period in question if the protest were
upheld. Notwithstanding the provisions of the State Officers and Employees
Money Disposition Act or any other laws of this State, the protested
payment, to the extent of the retaliatory tax so disclosed, shall be deposited
directly in the General Revenue Fund; and the balance of the payment, if
any, shall be deposited in a protest account pursuant to the provisions
of the aforesaid Act, as now or hereafter amended.
(5) The failure of a company to make the annual payment or to make the
quarterly payments, if required,
of at least one-fourth of either (i) the total tax paid
during the preceding
calendar year or (ii) 80% of the actual tax for the current calendar
year shall subject it to the penalty provisions set forth in Section
412 of this Code.
(6) This Section is subject to the provisions of Section 10 of the New Markets Development Program Act.
(Source: P.A. 95-1024, eff. 12-31-08.)