Illinois § 1007 Failure to register tax shelter or maintain list

Illinois Statutes

§ 1007 — Failure to register tax shelter or maintain list

Illinois § 1007

JurisdictionIllinois

TopicGOVERNMENT

Ch. 35REVENUE

Act 35 ILCS 5/Illinois Income Tax Act.

Art.Article 10 - Penalties And Interest

This text of Illinois § 1007 (Failure to register tax shelter or maintain list) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

35 Ill. Comp. Stat. 1007 (2026).

Text

(a)Penalty Imposed. Any person that fails to comply with the requirements of Section 1405.5 shall incur a penalty as provided in subsection (b). A person shall not be in compliance with the requirements of Section 1405.5 unless and until the required return has been filed and that return contains all of the information required to be included by the Secretary under federal law.

(b)Amount of Penalty. The following penalties apply:

(1)Except as provided in paragraph (2), the penalty imposed under subsection (a) with respect to any failure is $15,000.

(2)If the failure is with respect to a listed transaction under subsection (c) of Section 1405.5, the penalty shall be $100,000.

(3)In the case of each failure to comply with the requirements of subsection (a) or subsection (b) of Section 1

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(a) Penalty Imposed. Any person that fails to comply with the requirements of Section 1405.5 shall incur a penalty as provided in subsection (b). A person shall not be in compliance with the requirements of Section 1405.5 unless and until the required return has been filed and that return contains all of the information required to be included by the Secretary under federal law. (b) Amount of Penalty. The following penalties apply: (1) Except as provided in paragraph (2), the penalty imposed under subsection (a) with respect to any failure is $15,000. (2) If the failure is with respect to a listed transaction under subsection (c) of Section 1405.5, the penalty shall be $100,000. (3) In the case of each failure to comply with the requirements of subsection (a) or subsection (b) of Section 1405.6, the penalty shall be $15,000. (4) If the failure is with respect to a listed transaction under subsection (c) of Section 1405.6, the penalty shall be $100,000. (c) Authority to rescind penalty. The Department may rescind all or any portion of any penalty imposed by this subsection with respect to any violation, if (1) the violation is with respect to a reportable transaction other than a listed transaction, and (2) rescinding the penalty would promote compliance with the requirements of this Act and effective tax administration. (d) Coordination with other penalties. The penalty imposed by this Section is in addition to any penalty imposed by this Act or the Uniform Penalty and Interest Act.