Rep. Thomas M. Bennett
Filed: 4/16/2018
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 2263




2    AMENDMENT NO. ______. Amend House Bill 2263 by replacing 
3everything after the enacting clause with the following:

 
 
4    "Section 5. The Illinois Income Tax Act is amended  by 
5changing Section 226 as follows:
 
6    (35 ILCS 5/226)
7    Sec. 226. Natural disaster credit.
8    (a) For taxable years that begin on or after January 1, 
92017 and begin prior to January 1, 2019 2018, each taxpayer who 
10owns qualified real property located in a county in Illinois 
11that was declared a State disaster area by the Governor due to 
12flooding in 2017 or 2018 is entitled to  a credit against the 
13taxes imposed by subsections (a) and (b) of Section 201 of this 
14Act in an amount equal to the lesser of $750 or the deduction 
15allowed (whether or not the taxpayer determines taxable income 
16under subsection (b) of Section 63 of the Internal Revenue 
 
 
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1Code) with respect to the qualified property under Section 165  
2of the Internal Revenue Code, determined without regard to the 
3limitations imposed under subsection (h) of that Section. The 
4township assessor or, if the township assessor is unable, the 
5chief county assessment officer of the county in which the 
6property is located, shall issue a certificate to the taxpayer 
7identifying the taxpayer's property as damaged as a result of 
8the natural disaster. The certificate shall include the name 
9and address of the property owner, as well as the property 
10index number or permanent index number (PIN) of the damaged 
11property. The taxpayer shall attach a copy of such certificate 
12to the taxpayer's return for the taxable year for which the 
13credit is allowed. 
14    (b) In no event shall a credit under this Section reduce a 
15taxpayer's liability to less than zero. If the amount of credit 
16exceeds the tax liability for the year, the excess may be 
17carried forward and applied to the tax liability for the 5 
18taxable years following the excess credit year. The tax credit 
19shall be applied to the earliest year for which there is a tax 
20liability. If there are credits for more than one year that are 
21available to offset liability, the earlier credit shall be 
22applied first. 
23    (c) If the taxpayer is a partnership or Subchapter S 
24corporation, the credit shall be allowed to the partners or 
25shareholders in accordance with the determination of income and 
26distributive share of income under Sections 702 and 704 and 
 
 
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1Subchapter S of the Internal Revenue Code.
2    (d) A taxpayer is not entitled to the credit under this 
3Section if the taxpayer receives a Natural Disaster Homestead 
4Exemption under Section 15-173 of the Property Tax Code with 
5respect to the qualified real property as a result of the 
6natural disaster. 
7    (e) The township assessor or, if the township assessor is 
8unable to certify, the chief county assessment officer of the 
9county in which the property is located, shall certify to the 
10Department a listing of the properties located within the 
11county that have been damaged as a result of the natural 
12disaster (including the name and address of the property owner 
13and the property index number or permanent index number (PIN) 
14of each damage property). 
15    (f) As used in this Section:
16        (1) "Qualified real property" means real property that 
17    is: (i) the taxpayer's principal residence or owned by a 
18    small business; (ii) damaged during the taxable year as a 
19    result of a disaster; and (iii) not used in a rental or 
20    leasing business.
21        (2) "Small business" has the meaning given to that term 
22    in Section 1-75 of the Illinois Administrative Procedure 
23    Act.

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