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| | 10300HB2232ham002 | - 2 - | LRB103 25574 HLH 62512 a |
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1 | | the refund and interest thereon has been made. Interest from |
2 | | the date of payment, regardless of whether the
payment was |
3 | | made before the effective date of
this
amendatory Act of 1997, |
4 | | or from the date payment is due,
whichever is
later, to the |
5 | | date of refund shall also be paid
to
the taxpayer at the annual |
6 | | rate of the lesser of (i) 5% or (ii) the percentage increase in |
7 | | the Consumer Price Index For All Urban Consumers during the |
8 | | 12-month calendar year preceding the levy year for which the |
9 | | refund was made, as published by the federal Bureau of Labor |
10 | | Statistics. |
11 | | A claim for a refund resulting from a final order of the |
12 | | Property Tax Appeal Board shall not be allowed unless the |
13 | | claim is filed within 20 years from the date the right to a |
14 | | refund arose; provided, however, that the aggregate total of |
15 | | refunded taxes and interest shall not exceed $5,000,000 in any |
16 | | calendar year for claims filed more than 7 years after the |
17 | | right to the refund arose. If the payment of a claim for a |
18 | | refund would cause the aggregate total of taxes and interest |
19 | | to exceed $5,000,000 in any year, the refund shall be paid in |
20 | | the next succeeding year. |
21 | | The changes made to this Section by this amendatory Act of |
22 | | the 103rd General Assembly apply to matters concerning refund |
23 | | claims filed on or after the first day of the first month |
24 | | following the effective date of this amendatory Act of the |
25 | | 103rd General Assembly.
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26 | | (Source: P.A. 94-558, eff. 1-1-06.)
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