IL HB5807

Requires retailers who inadvertently collect the full 6.25% tax rate on sales tax holiday items during August 5-14, 2022 to remit excess tax proceeds to the Department of Revenue if they do not refund customers.

Exempts taxpayers from penalties and interest for failure to pay taxes on tangible personal property sold during August 5-14, 2022 if the failure resulted from a mistaken belief the item was a sales tax holiday item and the taxpayer made a good faith compliance effort.

Authorizes the Department of Revenue to adopt emergency rules to implement these provisions without following standard rulemaking procedures.

Allocates excess tax proceeds remitted to the Department in the same manner as regular 6.25% general rate sales tax revenue.

Takes effect immediately upon becoming law.