Illinois HB1378 amends the Property Tax Code to limit refund claims to 20 years from the date the right to a refund arose.
Illinois HB1378 amends the Property Tax Code to establish a 20-year limit for filing refund claims. Claims must be filed within 20 years from the date the right to a refund arose. The aggregate total of refunded taxes and interest is capped at $5,000,000 per calendar year for claims filed more than 7 years after the right to the refund arose. If the payment of a claim would exceed this cap, the refund shall be paid in the next succeeding year.
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