Sec. 25. Deposit of taxes.
128 words·~1 min read·
/il/chapter-35/act-180/25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 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.