Illinois General Assembly - Bill Status for HB4485

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit equal to any unreimbursed amounts paid by the taxpayer during the taxable year for the purposes of (i) rebuilding or restoring a residential, industrial, or commercial structure located in the State that was damaged as a result of a natural disaster or (ii) engaging in other cleanup efforts related to a natural disaster occurring in the State. Provides that a taxpayer is not entitled to a credit if the natural disaster occurred more than 2 years prior to the taxable year for which the credit is claimed. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Actions

Date	Chamber	Action
1/30/2014	House	Filed with the Clerk by Rep. Katherine Cloonen
2/3/2014	House	First Reading
2/3/2014	House	Referred to Rules Committee
12/3/2014	House	Session Sine Die

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