The 34-year-old, who arrived on a free transfer from Brentford last summer, was an instant hit with Luton fans after his stunning 25-yard volley in the opening day 8-2 hammering of Yeovil Town.
Injury struck in September though, as McCormack then missed six months of the season, before he returned in March to play a key role in the Hatters going up, as they picked up five wins and two draws from the seven matches he started.
On his new deal, McCormack said: “I’m delighted. The season we had last year was phenomenal, I missed a part of it, so to get back in towards the end with the success we had, it just makes you want to stay.
“I’ve said it from the start, the club’s going places, it’s got a great fanbase and superb facilities.
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“It ticks every box for any player wanting to come and play good football, so I was delighted to get things sorted.
“It’s only got better from what we’d seen to then being a part of it and then seeing how much better we got during the season, the way we are going, every player is improving every week.”
McCormack, who was enjoying his third promotion after going up with both Swindon and Brentford earlier in his career, believes Town won’t be content at stopping with reaching League One either.
He added: “I’ve had a good few promotions and it’s not so much me as an individual, it’s the team you’re surrounded by and the players you’re with week in, week out and how much they drive you.
“It’s no different at this club, seeing the drive we have every week to get promoted, and you want to be a part of that, regardless of ages or whether you’re young or you’re old.
“That just drives you forward to become a better player and I’m so excited for next year already. I can’t wait to get going.
“It’s phenomenal to be part of a club that I feel is on the way up to the Championship.
“Hopefully next year with the recruitment, and we don’t need that many, so if we get the right players in, that’ll help us kick on again towards the Championship.”