Sen. Melinda Bush

Filed: 10/25/2017

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 403

2    AMENDMENT NO. ______. Amend Senate Bill 403, AS AMENDED, by
3replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Freedom of Information Act is amended by
6adding Section 7.6 as follows:
 
7    (5 ILCS 140/7.6 new)
8    Sec. 7.6. Natural disaster credit. Nothing in this Act
9prohibits the disclosure of information by officials of a
10county or municipality involving reports of damaged property or
11the owners of damaged property if that disclosure is made to a
12township or county assessment official in connection with the
13natural disaster credit under Section 226 of the Illinois
14Income Tax Act.
 
15    Section 10. The Illinois Income Tax Act is amended by

 

 

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1adding Section 226 as follows:
 
2    (35 ILCS 5/226 new)
3    Sec. 226. Natural disaster credit.
4    (a) For taxable years that begin on or after January 1,
52017 and begin prior to January 1, 2018, each taxpayer who owns
6qualified real property located in a county in Illinois that
7was declared a major disaster area in July of 2017 is entitled
8to a credit against the taxes imposed by subsections (a) and
9(b) of Section 201 of this Act in an amount equal to the lesser
10of $750 or the loss realized with respect to qualified property
11under Section 175 of the Internal Revenue Code. The taxpayer
12shall receive a certificate of exemption from the township
13assessor or, if the township assessor is unable to issue a
14certificate, the chief county assessment officer of the county
15in which the property is located. Property shall not be
16considered damaged unless the taxpayer has reported the
17property damage to the appropriate governing authority working
18in conjunction with the Illinois Emergency Management Agency or
19the Federal Emergency Management Agency, or has applied for
20disaster relief with the Federal Emergency Management Agency
21for that property as a result of that natural disaster.
22    (b) In no event shall a credit under this Section reduce a
23taxpayer's liability to less than zero. If the amount of credit
24exceeds the tax liability for the year, the excess may be
25carried forward and applied to the tax liability for the 5

 

 

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1taxable years following the excess credit year. The tax credit
2shall be applied to the earliest year for which there is a tax
3liability. If there are credits for more than one year that are
4available to offset liability, the earlier credit shall be
5applied first.
6    (c) A partner or shareholder of a Subchapter S corporation
7shall be allowed a credit under this Section, which shall be
8determined in accordance with the determination of income and
9distributive share of income under Sections 702 and 704, and
10Subchapter S, of the Internal Revenue Code.
11    (d) A taxpayer is not entitled to the credit under this
12Section if the property is reassessed under the Property Tax
13Code as a result of the natural disaster.
14    (e) As used in this Section, "qualified real property"
15means real property that is: (i) the taxpayer's principal
16residence or owned by a small business; (ii) damaged during the
17taxable year as a result of a declared disaster; and (iii) not
18used in a rental or leasing business.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.".