IL HB6218

Amends the Department of Revenue Law to add Section 2505-760 establishing protections for persons and entities that surrender property or rights to property subject to a tax levy upon demand by the Director of Revenue.

Persons or entities surrendering levied property are discharged from any obligation or liability to the delinquent taxpayer and other parties with respect to that property, up to the amount of property surrendered.

Authorizes the Department of Revenue to indemnify financial institutions that return funds identified as fraudulently obtained refunds, based on the bona fide belief that such funds resulted from fraud against a taxpayer, the Department, or another state agency.

Provides financial institutions liability protection when returning suspected fraudulent funds to the Department at the Director's request, addressing institutions' reluctance to cooperate without assurances against liability.

Takes effect immediately upon becoming law.