SB3212 EngrossedLRB100 18360 HEP 36142 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    (5 ILCS 140/7.6 rep.)
5    Section 5. The Freedom of Information Act is amended by
6repealing Section 7.6.
7    Section 10. The Illinois Income Tax Act is amended by
8changing Section 226 as follows:
9    (35 ILCS 5/226)
10    Sec. 226. Natural disaster credit.
11    (a) For taxable years that begin on or after January 1,
122017 and begin prior to January 1, 2018, each taxpayer who owns
13qualified real property located in a county in Illinois that
14was declared a State disaster area by the Governor due to
15flooding in 2017 is entitled to a credit against the taxes
16imposed by subsections (a) and (b) of Section 201 of this Act
17in an amount equal to the lesser of $750 or the deduction
18allowed (whether or not the taxpayer determines taxable income
19under subsection (b) of Section 63 of the Internal Revenue
20Code) with respect to the qualified property under Section 165
21of the Internal Revenue Code, determined without regard to the
22limitations imposed under subsection (h) of that Section. The



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1township assessor or, if the township assessor is unable, the
2chief county assessment officer of the county in which the
3property is located, shall issue a certificate to the taxpayer
4identifying the taxpayer's property as damaged as a result of
5the natural disaster. The certificate shall include the name
6and address of the property owner, as well as the property
7index number or permanent index number (PIN) of the damaged
8property. The taxpayer shall attach a copy of such certificate
9to the taxpayer's return for the taxable year for which the
10credit is allowed.
11    (b) In no event shall a credit under this Section reduce a
12taxpayer's liability to less than zero. If the amount of credit
13exceeds the tax liability for the year, the excess may be
14carried forward and applied to the tax liability for the 5
15taxable years following the excess credit year. The tax credit
16shall be applied to the earliest year for which there is a tax
17liability. If there are credits for more than one year that are
18available to offset liability, the earlier credit shall be
19applied first.
20    (c) If the taxpayer is a partnership or Subchapter S
21corporation, the credit shall be allowed to the partners or
22shareholders in accordance with the determination of income and
23distributive share of income under Sections 702 and 704 and
24Subchapter S of the Internal Revenue Code.
25    (d) A taxpayer is not entitled to the credit under this
26Section if the taxpayer receives a Natural Disaster Homestead



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1Exemption under Section 15-173 of the Property Tax Code with
2respect to the qualified real property as a result of the
3natural disaster.
4    (e) The township assessor or, if the township assessor is
5unable to certify, the chief county assessment officer of the
6county in which the property is located, shall certify to the
7Department a listing of the properties located within the
8county that have been damaged as a result of the natural
9disaster (including the name and address of the property owner
10and the property index number or permanent index number (PIN)
11of each damage property).
12    (f) As used in this Section:
13        (1) "Qualified real property" means real property that
14    is: (i) the taxpayer's principal residence or owned by a
15    small business; (ii) damaged during the taxable year as a
16    result of a disaster; and (iii) not used in a rental or
17    leasing business.
18        (2) "Small business" has the meaning given to that term
19    in Section 1-75 of the Illinois Administrative Procedure
20    Act.
21    (g) Nothing in this Act prohibits the disclosure of
22information by officials of a county or municipality involving
23reports of damaged property or the owners of damaged property
24if that disclosure is made to a township or county assessment
25official in connection with a credit obtained or sought under
26this Section.



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1(Source: P.A. 100-555, eff. 11-16-17.)