Illinois General Assembly - Bill Status for HB3545

Amends the Illinois Income Tax Act. Authorizes the Department of Revenue to seek a conditional judgment against a taxpayer's employer if the employer is served with a levy on the taxpayer's salary, wages, commissions, and bonuses by the Department and the employer fails to answer the levy. Authorizes the Department to seek a confirmation of the conditional judgment. Amends the Retailers' Occupation Tax Act. Authorizes the Department of Revenue to seek a conditional judgment against a financial institution or other person that is served with a levy by the Department of Revenue and fails to answer the levy. Authorizes the Department of Revenue to seek a confirmation of the conditional judgment. Effective July 1, 2005.

Deletes everything after the enacting clause. Amends the Illinois Income Tax Act and the Retailers' Occupation Tax Act. Provides that a financial institution, employer, or other person properly served with a levy by the Department that fails to timely file an answer or to hold any payment or asset as required shall be subject to a penalty in the amount equal to $500 or, in the case of each subsequent failure to timely file an answer or to hold a payment or asset with respect to a levy on the same taxpayer, an amount equal to $1,000. Provides that this penalty shall be in addition to any other right or cause of action of the Department, and shall be deemed assessed at the time the answer was due or the time the payment or asset was required to be held, whichever is earlier, and shall be collected and paid in the same manner as a tax imposed by this Act, provided that this penalty shall not apply if the financial institution, employer, or other person subject to the penalty establishes that the failure to file any answer or hold the payment or asset was due to reasonable cause. Effective July 1, 2005.

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