Sec. 55. Late payment penalty.
66 words·~1 min read·
/il/chapter-50/act-45/55A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 55. Late payment penalty. Late payment penalties may not exceed 5% of the tax due and not timely paid or remitted to the unit of local government. This penalty shall not apply if a failure to file penalty is imposed by the unit of local government. A local tax administrator may determine that the late payment was due to reasonable cause and abate the penalty.