(35 ILCS 405/7) (from Ch. 120, par. 405A-7)
Sec. 7.
Supplemental returns; refunds.
(a) Supplemental returns. If
the State tax credit is increased after the filing of the Illinois transfer
tax return, the person or persons required to file the Illinois transfer
tax return and pay the Illinois transfer tax shall file a supplemental
Illinois transfer tax return. The supplemental return shall be filed and
the additional tax shall be paid in the same place and manner as provided
in Section 6 of this Act. The due date for the supplemental return and for
the payment of the additional tax reported in the supplemental return shall
be no later than 3
months after the earliest of:
(1) the date an amended federal return is filed;
(2) the date an increase in the federal transfer tax |
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(3) the date the Internal Revenue Service issues a
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(4) the date that any increase to the taxable estate
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provided that if the federal transfer tax may be deferred or paid
in installments, then part or all of the additional Illinois transfer tax
may be deferred or paid in installments under rules consistent with
subsection (b) of Section 6 of this Act.
(b) Refunds. If the state tax credit is reduced after the filing of the
Illinois transfer tax return, the person who paid the Illinois transfer tax (or
the person
upon whom the burden of payment fell) shall file an amended Illinois
transfer tax return and shall be entitled to a refund of tax or interest
paid on the Illinois transfer tax. No interest shall be paid on any amount
refunded.
(Source: P.A. 93-30, eff. 6-20-03.)
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