Illinois Tax Amnesty Signed Into Law . . . Again

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Despite his previously stated misgivings about frequent amnesty programs, Illinois Gov. Patrick Quinn (D) signed Senate Bill (SB) 377, Public Act (P.A.) 96-1435, into law August 16, 2010, and so Illinois will conduct its second general tax amnesty in seven years.

SB 377 amends the Tax Amnesty Delinquency Act (the "TDAA" or the "New Amnesty Law"), which was first enacted for the amnesty Illinois conducted in 2003. Under the New Amnesty Law, the Illinois Department of Revenue (the "Department") will administer an amnesty program from October 1, 2010 through November 8, 2010 (a period a week shorter than the last Illinois amnesty program in 2003) for any taxable period ending after June 30, 2002 but prior to July 1, 2009. As was the case under the 2003 amnesty program, a payment of tax during the amnesty period is rewarded with a full abatement of penalties and interest, but failure to pay the tax amounts owed to the Department during the amnesty program will result in imposition of penalties and interest at 200 percent of the otherwise applicable rates.

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