Both houses of the Illinois General Assembly on May 31, 2003 passed Senate Bill 969, which establishes a Tax Amnesty Program for all taxpayers owing any tax imposed by any law of the State of Illinois and collected by the Department of Revenue. Governor Rod Blagojevich signed the bill on June 20, 2003.
The Tax Amnesty Program provides for abatement of any applicable penalties and interest with respect to tax liabilities for any taxable period ending after June 30, 1983, and prior to July 1, 2002. The Amnesty Program will be for the period from October 1, 2003 through November 15, 2003. Amnesty will only be granted to the taxpayer if all amnesty conditions are satisfied.
Furthermore, if a taxpayer has a tax liability that is eligible for amnesty and fails to satisfy the liability during the amnesty period, the Department of Revenue will impose penalties and interest at a rate that is 200% of the rate that would otherwise be imposed. It is critical for taxpayers to identify potential liabilities that may be eligible for tax amnesty.
If you have any questions regarding this information, please call Mr. James Kranjc, Senior Manager in Charge of the Chicago Office of Ryan & Company at 630.515.0477. Mr. Kranjc can also be reached by e-mail.
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