Ill. Admin. Code tit. 86, § 160.165 - Interest
a)
Interest
paid by the Department to taxpayers and interest charged to taxpayers by the
Department shall be at the rate set forth in Section 3-2 of the Uniform Penalty
and Interest Act. [35 ILCS 735/3-2 ] See 86 Ill.
Adm. Code 700, Uniform Penalty and Interest Act.
b) No interest will be allowed if the
overpayment is found by the Department to have been made deliberately for the
purpose of drawing interest, or if the overpayment is ascertained not to have
been bona fide for some other reason.
c) When a claim that is allowed is paid by
means of a credit memorandum instead of by means of a cash refund, the claim
will be considered to have been paid when the credit memorandum is issued by
the Department to the claimant, and no interest will be allowed or paid by the
Department for any period subsequent to that, even if the claimant does not use
or assign the credit memorandum immediately after it is issued.
Notes
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