IL HB2232

Amends the Property Tax Code to establish a 20-year statute of limitations for filing claims for refunds resulting from Property Tax Appeal Board final orders.

Caps refunds at $5,000,000 aggregate per calendar year for claims filed more than 7 years after the right to refund arose; excess refunds carry over to the next year.

Maintains existing provisions allowing refunds from the Protest Fund first, then from subsequently collected funds, with interest accruing at the lesser of 5% annually or the Consumer Price Index increase.

Applies to refund claims filed on or after the first day of the first month following the act's effective date.