(35 ILCS 5/1003) (from Ch. 120, par. 10-1003)
Sec. 1003.
Interest on Deficiencies.
(a) In general. If any amount of tax imposed by this Act, including tax
withheld by an employer, is not paid on or before the date prescribed for
payment of such tax (determined without regard to any extensions), interest
on such amount shall be paid in the manner and at the rate prescribed in
Section 3-2 of the Uniform Penalty and Interest Act for the period from
such date to the date of payment of such amount, except that if
a waiver of restrictions under Section 907 on the assessment and collection
of such amount has been filed, and if notice and demand by the Director for
the payment of such amount is not made within 30 days after the filing of
such waiver, interest shall not be imposed on such amount for the period
beginning immediately after such 30th day and ending with the date of
notice and demand.
(b) Interest treated as tax. Interest prescribed under this Section
on any tax, including tax withheld by an employer, or on any penalty, shall
be deemed assessed upon the assessment of the tax or penalties to which
such interest relates and shall be collected and paid on notice and demand
in the same manner as tax. Any reference in this Act to the tax imposed by
this Act shall be deemed also to refer to interest imposed by this Section
on such tax.
(c) Exception as to estimated tax. This Section shall not apply to
any failure to pay estimated tax required by Section 803.
(Source: P.A. 87-205.)
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