SB 1608

Abstract

Amends the Uniform Penalty and Interest Act. Provides that provisions imposing a penalty of $100 for failure to file a transaction reporting return under the Retailers' Occupation Tax Act or the Use Tax Act apply only to transaction reporting returns that would not, when properly prepared and filed, result in the imposition of a tax (currently, those provisions apply regardless of whether a tax would be imposed). Provides that transaction reporting returns that would result in the imposition of a tax when properly prepared and filed are subject to the standard penalty for failure to file (2% of the tax required to be shown due on the return, up to a maximum amount of $250). Effective immediately.