IL HB1378

Expands the 20-year statute of limitations for property tax refund claims to include circuit court orders and certificates of error, in addition to Property Tax Appeal Board orders

Maintains the existing $5,000,000 annual cap on aggregate refunded taxes and interest for claims filed more than 7 years after the right to refund arose

Refunds exceeding the $5,000,000 annual cap must be paid in the next succeeding year

Interest on refunds is calculated at the lesser of 5% annually or the Consumer Price Index increase for the preceding calendar year

Takes effect immediately upon becoming law, applying to refund claims filed on or after the first day of the first month following enactment