(820 ILCS 405/2201.1) (from Ch. 48, par. 681.1)
Sec. 2201.1. Interest on overpaid contributions, penalties and
interest. The Director shall quarterly furnish each employer with a
statement of credit balances in the employer's account where the balances
with respect to all contributions, interest and penalties combined equal or
exceed $2. Under regulations
prescribed by the Director and subject to the limitations of Section 2201,
the employer may file a request for an adjustment or refund of the amount
erroneously paid. Interest shall be paid on refunds of erroneously paid
contributions, penalties and interest imposed by this Act, except that if
any refund is mailed by the Director within 90 days after the date of the
refund claim, no interest shall be due or paid. The interest shall begin
to accrue as of the date of the refund claim and shall be paid at the rate
of 1.5% per month computed at the rate of 12/365 of 1.5% for each day or
fraction thereof. Interest paid pursuant to this Section shall be paid from
monies in the special administrative account established by Sections 2100
and 2101. This Section shall apply only to refunds of contributions,
penalties and interest which were paid as the result of wages paid after
January 1, 1988.
(Source: P.A. 100-484, eff. 9-8-17.)
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