97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2914

 

Introduced 2/23/2011, by Rep. Jil Tracy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/607 new

    Amends the Illinois Income Tax Act. Provides that, if the taxpayer requests and is owed a refund as a result of an overpayment of any tax due under this Act, and if the refund is not paid within 180 days after the return is filed, then the taxpayer may request that the amount of the unpaid refund be applied to the taxpayer's liability in any future tax year. The taxpayer shall not be required to pay penalties or interest on the portion of the future tax liability paid with the refunded amounts. Effective immediately.


LRB097 06693 HLH 46780 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2914LRB097 06693 HLH 46780 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 607 as follows:
 
6    (35 ILCS 5/607 new)
7    Sec. 607. Refunds for overpayment. Notwithstanding any
8other provision of law, if the taxpayer requests and is owed a
9refund as a result of an overpayment of any tax due under this
10Act, and if the refund is not paid within 180 days after the
11return is filed, then the taxpayer may request that the amount
12of the unpaid refund be applied to the taxpayer's liability in
13any future tax year. The taxpayer shall not be required to pay
14penalties or interest on the portion of the future tax
15liability paid with the refunded amounts.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.