Illinois Administrative Code
Title 86 - REVENUE
Part 750 - PAYMENT OF TAXES BY ELECTRONIC FUNDS TRANSFER
Section 750.200 - Definitions

The following meanings are to be given to the terms used in this Part:

"ACH" or "Automated Clearing House" means a central distribution and settlement point for the electronic clearing of debits and credits between financial institutions rather than the physical movement of paper items. The term includes any Federal reserve bank, or an organization established by agreement with the National Automated Clearing House Association, which operates as a clearing house for transmitting or receiving entries between banks and/or bank accounts and which authorizes an electronic transfer of funds between such banks or bank accounts.

"ACH Credit" means an electronic transfer in which the taxpayer, through its own bank, originates an entry for deposit with the Department.

"ACH Debit" means the electronic transfer of funds from the taxpayer's account which is generated upon the taxpayer's instruction and clears the ACH for deposit with the Department.

"Department" means the Illinois Department of Revenue.

"Electronic Funds Transfer" or "EFT" means a transfer of funds, other than a transaction originated by check, draft or similar paper instrument, which is initiated through an electronic terminal, telephone, or computer or magnetic tape so as to order, instruct or authorize a financial institution to debit or credit an account.

"Federal Reserve Wire Transfer" (hereinafter referred to as "Fedwire") means any transaction utilizing the national electronic payment system to transfer funds through Federal Reserve Banks. For purposes of the electronic funds transfer program a Fedwire is similar to an ACH Credit in that the taxpayer originates a transaction utilizing the Federal Reserve banking system, debiting its own bank account and crediting the State Treasury for the amount of a tax payment.

"Payment Information" means the data which the Department requires of a taxpayer making an EFT payment.

"TXP Banking Convention" means a technical format for the communication of limited tax remittance data accompanying a payment through the Automated Clearing House (ACH) System. This convention includes a list of standard tax type codes and account type codes.

"Taxpayer" means any person required or permitted to remit an amount by the electronic transfer of funds. For purposes of these rules, "person" includes any individual, firm, partnership, joint venture, association, corporation, estate, limited liability company, trust, business trust, receiver, syndicate, or other group or combination acting as a unit and also includes any political subdivision, municipality, state agency, bureau, or department and includes the plural as well as the singular number.