EXAMPLE 1: A corporate income tax return reflecting a refund of $10,000 for the taxable year ending December 31, 1994 was filed on March 15, 1995. On June 1, 1995, notice was given that the return is not processable. The taxpayer responded on July 1, 1995 with information suitable to process the return. If a refund is approved by October 1, 1995, no interest will be allowed because notice was given within 90 days after the date the return was received and the refund was approved within 90 days after the date the return was made processable.
EXAMPLE 2: Same facts as in the preceding example except that notice was not given until June 16, 1995. In this case, interest will be allowed from March 15, 1995 through June 16, 1995.
EXAMPLE 3: Same facts as in Example 2 except that the refund is not approved until November 1, 1995. In addition to the interest provided in Example 2, interest will also be allowed from July 1, 1995 through November 1, 1995.
Ill. Admin. Code tit. 86, § 700.230