Illinois General Assembly - Full Text of SB0403
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Full Text of SB0403  100th General Assembly

SB0403ham002 100TH GENERAL ASSEMBLY

Rep. Sam Yingling

Filed: 11/7/2017

 

 


 

 


 
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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 State disaster area by the Governor due to
8flooding in 2017 is entitled to a credit against the taxes
9imposed by subsections (a) and (b) of Section 201 of this Act
10in an amount equal to the lesser of $750 or the deduction
11allowed (whether or not the taxpayer determines taxable income
12under subsection (b) of Section 63 of the Internal Revenue
13Code) with respect to the qualified property under Section 165
14of the Internal Revenue Code, determined without regard to the
15limitations imposed under subsection (h) of that Section. The
16township assessor or, if the township assessor is unable, the
17chief county assessment officer of the county in which the
18property is located, shall issue a certificate to the taxpayer
19identifying the taxpayer's property as damaged as a result of
20the natural disaster. The certificate shall include the name
21and address of the property owner, as well as the property
22index number or permanent index number (PIN) of the damaged
23property. The taxpayer shall attach a copy of such certificate
24to the taxpayer's return for the taxable year for which the
25credit is allowed.

 

 

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1    (b) In no event shall a credit under this Section reduce a
2taxpayer's liability to less than zero. If the amount of credit
3exceeds the tax liability for the year, the excess may be
4carried forward and applied to the tax liability for the 5
5taxable years following the excess credit year. The tax credit
6shall be applied to the earliest year for which there is a tax
7liability. If there are credits for more than one year that are
8available to offset liability, the earlier credit shall be
9applied first.
10    (c) If the taxpayer is a partnership or Subchapter S
11corporation, the credit shall be allowed to the partners or
12shareholders in accordance with the determination of income and
13distributive share of income under Sections 702 and 704 and
14Subchapter S of the Internal Revenue Code.
15    (d) A taxpayer is not entitled to the credit under this
16Section if the taxpayer receives a Natural Disaster Homestead
17Exemption under Section 15-173 of the Property Tax Code with
18respect to the qualified real property as a result of the
19natural disaster.
20    (e) The township assessor or, if the township assessor is
21unable to certify, the chief county assessment officer of the
22county in which the property is located, a shall certify to the
23Department a listing of the properties located within the
24county that have been damaged as a result of the natural
25disaster (including the name and address of the property owner
26and the property index number or permanent index number (PIN)

 

 

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1of each damage property).
2    (f) As used in this Section:
3        (1) "Qualified real property" means real property that
4    is: (i) the taxpayer's principal residence or owned by a
5    small business; (ii) damaged during the taxable year as a
6    result of a disaster; and (iii) not used in a rental or
7    leasing business.
8        (2) "Small business" has the meaning given to that term
9    in Section 1-75 of the Illinois Administrative Procedure
10    Act.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.".