Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 735/3-9

(35 ILCS 735/3-9) (from Ch. 120, par. 2603-9)

Sec. 3-9.

Application of provisions.

(a) The provisions of this Act shall apply to the rates of interest for
periods on and after the effective date of this Act. Interest for periods
prior to the effective date of this Act shall be computed at the rates in
effect prior to that date.

(b) Penalties shall be imposed at the rate and in the manner in effect
at the time the tax liability became due.

(c) Interest shall not be paid on claims filed after the effective date
of this Act except such interest which is paid in accordance with this Act.

(d) Payments received from a taxpayer shall be applied against the
outstanding liability of the taxpayer, or to an agreed portion of the
outstanding liability, in the following order: the principal amount of the
tax, then penalty, and then interest.

(Source: P.A. 87-205.)