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Illinois Statutes Chapter 35. Revenue § 180/25. Deposit of taxes

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 25. Deposit of taxes.

(a) Each month, from the net revenue realized for the preceding month, the Department shall pay an amount estimated by the Department to be required for refunds of the tax under this Act, which shall be deposited into the Rental Purchase Agreement Tax Refund Fund.

(b) Of the remainder of funds after the deposit under subsection (a) of this Section:

(1) each month the Department shall pay into the State and Local Sales Tax Reform Fund 20% of the net revenue realized for the preceding month from the tax imposed under this Act; and

(2) each month the Department shall pay into the General Revenue Fund 80% of the net revenue realized for the preceding month from the tax imposed under this Act.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 35. Revenue § 180/25. Deposit of taxes - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-35-revenue/il-st-sect-35-180-25/

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