SB0403 EnrolledLRB100 04972 RJF 14982 b

1    AN ACT concerning government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Freedom of Information Act is amended by
5adding Section 7.6 as follows:
 
6    (5 ILCS 140/7.6 new)
7    Sec. 7.6. Natural disaster credit. Nothing in this Act
8prohibits the disclosure of information by officials of a
9county or municipality involving reports of damaged property or
10the owners of damaged property if that disclosure is made to a
11township or county assessment official in connection with the
12natural disaster credit under Section 226 of the Illinois
13Income Tax Act.
 
14    Section 10. The Illinois Income Tax Act is amended by
15adding Section 226 as follows:
 
16    (35 ILCS 5/226 new)
17    Sec. 226. Natural disaster credit.
18    (a) For taxable years that begin on or after January 1,
192017 and begin prior to January 1, 2018, each taxpayer who owns
20qualified real property located in a county in Illinois that
21was declared a State disaster area by the Governor due to

 

 

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1flooding in 2017 is entitled to a credit against the taxes
2imposed by subsections (a) and (b) of Section 201 of this Act
3in an amount equal to the lesser of $750 or the deduction
4allowed (whether or not the taxpayer determines taxable income
5under subsection (b) of Section 63 of the Internal Revenue
6Code) with respect to the qualified property under Section 165
7of the Internal Revenue Code, determined without regard to the
8limitations imposed under subsection (h) of that Section. The
9township assessor or, if the township assessor is unable, the
10chief county assessment officer of the county in which the
11property is located, shall issue a certificate to the taxpayer
12identifying the taxpayer's property as damaged as a result of
13the natural disaster. The certificate shall include the name
14and address of the property owner, as well as the property
15index number or permanent index number (PIN) of the damaged
16property. The taxpayer shall attach a copy of such certificate
17to the taxpayer's return for the taxable year for which the
18credit is allowed.
19    (b) In no event shall a credit under this Section reduce a
20taxpayer's liability to less than zero. If the amount of credit
21exceeds the tax liability for the year, the excess may be
22carried forward and applied to the tax liability for the 5
23taxable years following the excess credit year. The tax credit
24shall be applied to the earliest year for which there is a tax
25liability. If there are credits for more than one year that are
26available to offset liability, the earlier credit shall be

 

 

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1applied first.
2    (c) If the taxpayer is a partnership or Subchapter S
3corporation, the credit shall be allowed to the partners or
4shareholders in accordance with the determination of income and
5distributive share of income under Sections 702 and 704 and
6Subchapter S of the Internal Revenue Code.
7    (d) A taxpayer is not entitled to the credit under this
8Section if the taxpayer receives a Natural Disaster Homestead
9Exemption under Section 15-173 of the Property Tax Code with
10respect to the qualified real property as a result of the
11natural disaster.
12    (e) The township assessor or, if the township assessor is
13unable to certify, the chief county assessment officer of the
14county in which the property is located, shall certify to the
15Department a listing of the properties located within the
16county that have been damaged as a result of the natural
17disaster (including the name and address of the property owner
18and the property index number or permanent index number (PIN)
19of each damage property).
20    (f) As used in this Section:
21        (1) "Qualified real property" means real property that
22    is: (i) the taxpayer's principal residence or owned by a
23    small business; (ii) damaged during the taxable year as a
24    result of a disaster; and (iii) not used in a rental or
25    leasing business.
26        (2) "Small business" has the meaning given to that term

 

 

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1    in Section 1-75 of the Illinois Administrative Procedure
2    Act.
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.