Illinois Compiled Statutes 50 ILCS 355/5-5 – Definitions
Current as of: 2024 | Check for updates
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As used in this Article:
“Department” means the Department of Revenue.
“Family member” means the following, whether by whole blood, half-blood, or adoption:
(1) a parent or step-parent;
(2) a child or step-child;
(3) a grandparent or step-grandparent;
(4) an aunt, uncle, great-aunt, or great-uncle;
(4.1) a niece, nephew, great-niece, or great-nephew;
(5) a sibling;
(6) a spouse or domestic partner; and
(7) the spouse or domestic partner of any person
“Department” means the Department of Revenue.
Terms Used In Illinois Compiled Statutes 50 ILCS 355/5-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Revenue. See Illinois Compiled Statutes 50 ILCS 355/5-5
- Financial information: means the information provided to the municipality or county by the Department under Section 11 of the Retailers' Occupation Tax Act that is reported to the Department by a business located in a given municipality or county. See Illinois Compiled Statutes 50 ILCS 355/5-5
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, sole proprietorship, corporation, registered limited liability partnership, limited liability company, partnership, professional service corporation, or any other form of organization. See Illinois Compiled Statutes 50 ILCS 355/5-5
- Third party: means a person, partnership, corporation, or other entity or individual registered to do business in Illinois who contracts with a municipality or county to review financial information related to the disbursement of local taxes by the Department to the municipality or county. See Illinois Compiled Statutes 50 ILCS 355/5-5
“Family member” means the following, whether by whole blood, half-blood, or adoption:
(1) a parent or step-parent;
(2) a child or step-child;
(3) a grandparent or step-grandparent;
(4) an aunt, uncle, great-aunt, or great-uncle;
(4.1) a niece, nephew, great-niece, or great-nephew;
(5) a sibling;
(6) a spouse or domestic partner; and
(7) the spouse or domestic partner of any person
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referenced in items (1) through (5).
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“Financial information” means the information provided to the municipality or county by the Department under Section 11 of the Retailers’ Occupation Tax Act that is reported to the Department by a business located in a given municipality or county.
“Person” means an individual, sole proprietorship, corporation, registered limited liability partnership, limited liability company, partnership, professional service corporation, or any other form of organization.
“Misallocation” means tax paid by the taxpayer and allocated to one unit of local government that should have been allocated to a different unit of local government. This includes misallocations discovered by a unit of local government through the tax location verification process under § 8-11-16 of the Illinois Municipal Code and misallocations discovered by the Department other than through an audit of the taxpayer. “Misallocation” does not, however, include any amount reported by a taxpayer in an amended return or any amount discovered in an audit of the taxpayer by the Department or discovered in an audit of the taxpayer by a qualified practitioner under Article 10 of this Act. “Misallocation” also does not include amounts overpaid by the taxpayer and therefore not owed to any unit of local government, nor amounts underpaid by the taxpayer and therefore not previously allocated to any unit of local government.
“Monitoring disbursements” means keeping track of payments from the Department by a municipality, county, or third party for the limited purpose of tracking previous misallocations.
“Third party” means a person, partnership, corporation, or other entity or individual registered to do business in Illinois who contracts with a municipality or county to review financial information related to the disbursement of local taxes by the Department to the municipality or county.
“Person” means an individual, sole proprietorship, corporation, registered limited liability partnership, limited liability company, partnership, professional service corporation, or any other form of organization.
“Misallocation” means tax paid by the taxpayer and allocated to one unit of local government that should have been allocated to a different unit of local government. This includes misallocations discovered by a unit of local government through the tax location verification process under § 8-11-16 of the Illinois Municipal Code and misallocations discovered by the Department other than through an audit of the taxpayer. “Misallocation” does not, however, include any amount reported by a taxpayer in an amended return or any amount discovered in an audit of the taxpayer by the Department or discovered in an audit of the taxpayer by a qualified practitioner under Article 10 of this Act. “Misallocation” also does not include amounts overpaid by the taxpayer and therefore not owed to any unit of local government, nor amounts underpaid by the taxpayer and therefore not previously allocated to any unit of local government.
“Monitoring disbursements” means keeping track of payments from the Department by a municipality, county, or third party for the limited purpose of tracking previous misallocations.
“Third party” means a person, partnership, corporation, or other entity or individual registered to do business in Illinois who contracts with a municipality or county to review financial information related to the disbursement of local taxes by the Department to the municipality or county.