IL HB3955

Extends the statute of limitations for filing tax refund claims under the Illinois Income Tax Act from 3 years to 5 years.

Changes the timeframe for claims related to amounts withheld as tax from 3 years to 5 years after the 15th day of the 4th month following the close of the calendar year in which withholding was made.

Extends the lookback period for calculating the maximum refund amount from 3 years to 5 years plus any extension of time for filing the return.

Updates related provisions in the statute governing net loss carrybacks, estimated tax payments, and tax withholding credits to reflect the new 5-year limitation period.

Becomes effective immediately upon enactment.