IL SB1405

Excludes credit memoranda and refunds from amounts paid to municipalities and counties under the Local Tax Collection Act, with refunds calculated from the second preceding calendar month.

Allows the Department of Revenue to offset erroneous payments made to different taxing bodies from amounts owed to municipalities or counties.

Changes the Comptroller's payment timeline from 7 days to 10 days after receiving the Department's certification for disbursements.

Redirects the 2% administrative fee (or greater amount if agreed upon in writing) from the General Revenue Fund to a new Tax Compliance and Administration Fund to cover Department costs in administering and enforcing the Act.

Takes effect immediately upon becoming law.