INC TAX-PENALTY FOR UNDERPYMNT

Amends the Illinois Income Tax Act. Provides that the penalty imposed for underpayment of any tax due after December 31, 2003 shall be deemed assessed upon the assessment of the tax to which the penalty relates and shall be collected and paid on notice and demand in the same manner as the tax, except that, in the case of an underpayment of tax penalty that is imposed only after the expiration of the 30-day period allowed under the Uniform Penalty and Interest Act, the penalty shall be deemed assessed upon expiration of that 30-day period. Effective immediately.