IL HB3952

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

Excess tax proceeds collected under this provision shall be allocated according to the existing distribution method for the 6.25% general rate tax on tangible personal property.

Waives penalties and interest under the Uniform Penalty and Interest Act for taxpayers who paid tax on items as sales tax holiday items between August 5-14, 2022 when those items were not actually eligible for the holiday.

Authorizes the Department of Revenue to adopt emergency rules to implement these provisions without following normal rulemaking procedures, with this emergency authority expiring one year after the bill's effective date.

Takes effect immediately upon becoming law.