Bill Title: Amends the Uniform Penalty and Interest Act. Provides that the penalty for failure to pay the tax shown due or required to be shown due on a return shall be 15% (instead of 20%) of any amount that is paid after the date the Department of Revenue has initiated an audit or investigation of the taxpayer. Provides that the penalty shall be abated if the taxpayer paid to the Department at least 95% of the total tax liability (including any additional liability resulting from the audit or investigation) prior to the initiation of the audit or investigation. Effective January 1, 2021.

Sponsorship: Partisan Bill (Republican 2)

Status: (Failed) 2021-01-13 - Session Sine Die [SB2906 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2020-02-03	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB2906

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB2906 currently on file.