SB0403sam001 100TH GENERAL ASSEMBLY

Sen. Melinda Bush

Filed: 10/24/2017

10000SB0403sam001 LRB100 04972 AXK 30238 a

AMENDMENT TO SENATE BILL 403

AMENDMENT NO. ______. Amend Senate Bill 403 by replacing everything after the enacting clause with the following:

"Section 5. The Freedom of Information Act is amended by adding Section 7.6 as follows:

(5 ILCS 140/7.6 new)

Sec. 7.6. Natural disaster credit. Nothing in this Act prohibits the disclosure of information by officials of a county or municipality involving reports of damaged property or the owners of damaged property if that disclosure is made to a township or county assessment official in connection with the natural disaster credit under Section 226 of the Illinois Income Tax Act.

Section 10. The Illinois Income Tax Act is amended by adding Section 226 as follows:

(35 ILCS 5/226 new)

Sec. 226. Natural disaster credit.

(a) For taxable years that begin on or after January 1, 2017 and begin prior to January 1, 2018, each taxpayer located in a county in Illinois that was declared a major disaster area in July of 2017 who (i) is the owner of homestead property, or a small business, or both, and (ii) has reported the property damage to the appropriate governing authority working in conjunction with the Illinois Emergency Management Agency or the Federal Emergency Management Agency, or has applied for disaster relief with the Federal Emergency Management Agency for that property as a result of that natural disaster, is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 of this Act in the amount of $750. A taxpayer is not entitled to the credit under this Section if: (i) the taxpayer receives reimbursement from an insurance company for damage caused by the natural disaster; (ii) the property is reassessed under the Property Tax Code as a result of the natural disaster; or (iii) the taxpayer is in the business of renting or leasing properties. The taxpayer shall receive a certificate of exemption from the township assessor or, if the township assessor is unable to issue a certificate, the chief county assessment officer of the county in which the property is located.

(b) In no event shall a credit under this Section reduce a taxpayer's liability to less than zero. If the amount of credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability for the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset liability, the earlier credit shall be applied first.

(c) As used in this Section:

(1) "Homestead property" has the meaning given to that term in Section 15-175 of the Property Tax Code.

(2) "Small business" has the meaning given to that term in Section 1-75 of the Illinois Administrative Procedure Act.

Section 99. Effective date. This Act takes effect upon becoming law.".