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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3212 Introduced 2/15/2018, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
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| 5 ILCS 140/7.6 rep. | | 35 ILCS 5/226 | |
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Amends the Illinois Income Tax Act. Provides that nothing in the 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. Amends the Freedom of Information Act. Repeals a Section providing that nothing in the 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 income tax credit.
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| | A BILL FOR |
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| | SB3212 | | LRB100 18360 HEP 36142 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | (5 ILCS 140/7.6 rep.) |
| 5 | | Section 5. The Freedom of Information Act is amended by |
| 6 | | repealing Section 7.6.
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| 7 | | Section 10. The Illinois Income Tax Act is amended by |
| 8 | | changing Section 226 as follows:
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| 9 | | (35 ILCS 5/226) |
| 10 | | Sec. 226. Natural disaster credit. |
| 11 | | (a) For taxable years that begin on or after January 1, |
| 12 | | 2017 and begin prior to January 1, 2018, each taxpayer who owns |
| 13 | | qualified real property located in a county in Illinois that |
| 14 | | was declared a State disaster area by the Governor due to |
| 15 | | flooding in 2017 is entitled to a credit against the taxes |
| 16 | | imposed by subsections (a) and (b) of Section 201 of this Act |
| 17 | | in an amount equal to the lesser of $750 or the deduction |
| 18 | | allowed (whether or not the taxpayer determines taxable income |
| 19 | | under subsection (b) of Section 63 of the Internal Revenue |
| 20 | | Code) with respect to the qualified property under Section 165 |
| 21 | | of the Internal Revenue Code, determined without regard to the |
| 22 | | limitations imposed under subsection (h) of that Section. The |
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| 1 | | township assessor or, if the township assessor is unable, the |
| 2 | | chief county assessment officer of the county in which the |
| 3 | | property is located, shall issue a certificate to the taxpayer |
| 4 | | identifying the taxpayer's property as damaged as a result of |
| 5 | | the natural disaster. The certificate shall include the name |
| 6 | | and address of the property owner, as well as the property |
| 7 | | index number or permanent index number (PIN) of the damaged |
| 8 | | property. The taxpayer shall attach a copy of such certificate |
| 9 | | to the taxpayer's return for the taxable year for which the |
| 10 | | credit is allowed. |
| 11 | | (b) In no event shall a credit under this Section reduce a |
| 12 | | taxpayer's liability to less than zero. If the amount of credit |
| 13 | | exceeds the tax liability for the year, the excess may be |
| 14 | | carried forward and applied to the tax liability for the 5 |
| 15 | | taxable years following the excess credit year. The tax credit |
| 16 | | shall be applied to the earliest year for which there is a tax |
| 17 | | liability. If there are credits for more than one year that are |
| 18 | | available to offset liability, the earlier credit shall be |
| 19 | | applied first. |
| 20 | | (c) If the taxpayer is a partnership or Subchapter S |
| 21 | | corporation, the credit shall be allowed to the partners or |
| 22 | | shareholders in accordance with the determination of income and |
| 23 | | distributive share of income under Sections 702 and 704 and |
| 24 | | Subchapter S of the Internal Revenue Code. |
| 25 | | (d) A taxpayer is not entitled to the credit under this |
| 26 | | Section if the taxpayer receives a Natural Disaster Homestead |
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| 1 | | Exemption under Section 15-173 of the Property Tax Code with |
| 2 | | respect to the qualified real property as a result of the |
| 3 | | natural disaster. |
| 4 | | (e) The township assessor or, if the township assessor is |
| 5 | | unable to certify, the chief county assessment officer of the |
| 6 | | county in which the property is located, shall certify to the |
| 7 | | Department a listing of the properties located within the |
| 8 | | county that have been damaged as a result of the natural |
| 9 | | disaster (including the name and address of the property owner |
| 10 | | and the property index number or permanent index number (PIN) |
| 11 | | of each damage property). |
| 12 | | (f) As used in this Section: |
| 13 | | (1) "Qualified real property" means real property that |
| 14 | | is: (i) the taxpayer's principal residence or owned by a |
| 15 | | small business; (ii) damaged during the taxable year as a |
| 16 | | result of a disaster; and (iii) not used in a rental or |
| 17 | | leasing business. |
| 18 | | (2) "Small business" has the meaning given to that term |
| 19 | | in Section 1-75 of the Illinois Administrative Procedure |
| 20 | | Act. |
| 21 | | (g) Nothing in this Act prohibits the disclosure of |
| 22 | | information by officials of a county or municipality involving |
| 23 | | reports of damaged property or the owners of damaged property |
| 24 | | if that disclosure is made to a township or county assessment |
| 25 | | official in connection with a credit obtained or sought under |
| 26 | | this Section.
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