Sen. Melinda Bush
Filed: 10/24/2017
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 403




2    AMENDMENT NO. ______. Amend Senate Bill 403 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The Freedom of Information Act is amended  by 
5adding Section 7.6  as follows:
 
6    (5 ILCS 140/7.6 new)
7    Sec. 7.6. Natural disaster credit.  Nothing in this Act 
8prohibits the disclosure of information by officials of a 
9county or municipality involving reports of damaged property or 
10the owners of damaged property if that disclosure is made to a 
11township or county assessment official in connection with the 
12natural disaster credit under Section 226 of the Illinois 
13Income Tax Act.
 
14    Section 10. The Illinois Income Tax Act is amended  by 
15adding Section 226 as follows:
 
 
 
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1    (35 ILCS 5/226 new)
2    Sec. 226. Natural disaster credit.
3    (a) For taxable years that begin on or after January 1, 
42017 and begin prior to January 1, 2018, each taxpayer located 
5in a county in Illinois that was declared a major disaster area 
6in July of 2017 who (i) is the owner of homestead property, or 
7a small business, or both, and (ii) has reported the property 
8damage to the appropriate governing authority working in 
9conjunction with the Illinois Emergency Management Agency or 
10the Federal Emergency Management Agency, or has applied for 
11disaster relief with the Federal Emergency Management Agency 
12for that property as a result of that natural disaster, is 
13entitled to  a credit against the taxes imposed by subsections 
14(a) and (b) of Section 201 of this Act in the amount of $750. A 
15taxpayer is not entitled to the credit under this Section if: 
16(i) the taxpayer receives reimbursement from an insurance 
17company for damage caused by the natural disaster; (ii) the 
18property is reassessed under the Property Tax Code as a result 
19of the natural disaster; or (iii) the taxpayer is in the 
20business of renting or leasing properties.  The taxpayer shall 
21receive a certificate of exemption from the township assessor 
22or, if the township assessor is unable to issue a certificate, 
23the chief county assessment officer of the county in which the 
24property is located. 
25    (b) In no event shall a credit under this Section reduce a 
 
 
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1taxpayer's liability to less than zero. If the amount of credit 
2exceeds the tax liability for the year, the excess may be 
3carried forward and applied to the tax liability for the 5 
4taxable years following the excess credit year. The tax credit 
5shall be applied to the earliest year for which there is a tax 
6liability. If there are credits for more than one year that are 
7available to offset liability, the earlier credit shall be 
8applied first. 
9    (c) As used in this Section:
10        (1) "Homestead property" has the meaning given to that 
11    term in Section 15-175 of the Property Tax Code.
12        (2) "Small business" has the meaning given to that term 
13    in Section 1-75 of the Illinois Administrative Procedure 
14    Act. 
 
 
15    Section 99. Effective date. This Act takes effect upon 
16becoming law.".