Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 5/15.97

(805 ILCS 5/15.97) (from Ch. 32, par. 15.97)

Sec. 15.97. Corporate Franchise Tax Refund Fund.

(a) Beginning July 1, 1993, a percentage of the amounts collected
under Sections 15.35, 15.45, 15.65, and 15.75 of this Act shall be
deposited into the Corporate Franchise Tax Refund Fund, a special Fund
hereby created in the State treasury.  From July 1, 1993, until December 31,
1994, there shall be deposited into the Fund 3% of the amounts received
under those Sections.  Beginning January 1, 1995, and for each fiscal year
beginning thereafter, 2% of the amounts collected under those Sections
during the preceding fiscal year shall be deposited into the Fund.

(b) Beginning July 1, 1993, moneys in the Fund shall be expended
exclusively for the purpose of paying refunds payable because of overpayment
of franchise taxes, penalties, or interest under Sections 13.70, 15.35,
15.45, 15.65, 15.75, and 16.05 of this
Act and making transfers authorized under this Section.  Refunds in
accordance with the provisions of subsections (f) and (g) of Section 1.15
and Section 1.17 of this Act may be made from the Fund only to the extent that
amounts collected under Sections 15.35, 15.45, 15.65, and 15.75 of this Act
have been deposited in the Fund and remain available.  On or before August 31 of each year, the balance in the Fund in excess of $100,000 shall be transferred to the General Revenue Fund. Notwithstanding the provisions of this subsection, for the period commencing on or after July 1, 2022, amounts in the fund shall not be transferred to the General Revenue Fund and shall be used to pay refunds in accordance with the provisions of this Act.

(c) This Act shall constitute an irrevocable and continuing
appropriation from the Corporate Franchise Tax Refund Fund for the purpose
of paying refunds upon the order of the Secretary of State in accordance
with the provisions of this Section.

(Source: P.A. 102-282, eff. 1-1-22; 103-8, eff. 6-7-23.)