§ 5c

Illinois § 5c

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 35: REVENUE
• Act 35 ILCS 120/: Retailers' Occupation Tax Act.

Text

Upon payment by the taxpayer to the Department in cash or by guaranteed remittance of an amount representing the filing fee for the lien and the filing fee for the release of that lien, the Department shall issue a certificate of complete or partial release of the lien and file that complete or partial release of lien in the State Tax Lien Registry: (a) to the extent that the fair market value of any property subject to the lien exceeds the amount of the lien plus the amount of all prior liens upon such property; (b) to the extent that such lien shall become unenforceable; (c) to the extent that the amount of such lien is paid by the retailer whose property is subject to such lien, together with any interest which may become due under Section 5 of this Act between the date when the notice of lien is filed and the date when the amount of such lien is paid; (d) to the extent that there is furnished to the Department on a form to be approved and with a surety or sureties satisfactory to the Department a bond that is conditioned upon the payment of the amount of such lien, together with any interest which may become due under Section 5 of this Act after the notice of lien is filed, but before the amount thereof is fully paid; (e) to the extent and under the circumstances specified in Section 5a of this Act in the case of jeopardy assessment liens; (f) to the extent to which an assessment is reduced pursuant to a rehearing or departmental review under Section 4 or Section 5 of this Act. A certificate of complete or partial release of any lien shall be held conclusive that the lien upon the property covered by the certificate is extinguished to the extent indicated by such certificate.

Legislative History

(Source: P.A. 100-22, eff. 1-1-18 .)