Bill Status of SB2604 100th General Assembly
Short Description: UPIA-FAILURE TO FILE
Sen. Pamela J. Althoff
|Revenue Hearing Feb 21 2018 4:00PM Capitol 212 Springfield, IL |
| 2/14/2018||Senate||Assigned to Revenue|
Statutes Amended In Order of Appearance
Synopsis As Introduced
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, 2019.