IL SB1467

Amends Section 6 of the Retailers' Occupation Tax Act to make a technical grammatical change, removing a redundant instance of the word "the" in the opening clause regarding credit memoranda and refunds.

Maintains existing provisions allowing the Department to issue credit memoranda or refunds when taxpayers have erroneously paid tax, penalties, or interest under the Act, whether due to mistake of fact or error of law.

Preserves rules for motor vehicle returns under the New Vehicle Buyer Protection Act, allowing retailers to receive refunds of tax paid on vehicles returned by manufacturers.

Retains restrictions on refund claims, including the 3-year limitation period before each January 1 and July 1, and requirements that claimants demonstrate they bore the tax burden without shifting it to others.

Applies changes retroactively regardless of transaction date.