Illinois SB3543 amends the Estate and Generation-Skipping Transfer Tax Act to set interest rates on refunds for overpaid estate taxes.
Illinois SB3543 amends the Estate and Generation-Skipping Transfer Tax Act to establish interest rates for refunds of overpaid estate taxes. Refunds must be paid within 30 days of the last date for filing a return or the date of overpayment, or interest will accrue at the rate specified in the Uniform Penalty and Interest Act. The State Treasurer can transfer excess funds from the Estate Tax Refund Fund to the General Revenue Fund for refund payments. Penalties for late payments by county treasurers are set at 1% per month, recoverable through civil action.
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