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Public Act 100-0731
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| SB3212 Enrolled | LRB100 18360 HEP 36142 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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(5 ILCS 140/7.6 rep.) |
Section 5. The Freedom of Information Act is amended by |
repealing Section 7.6.
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Section 10. The Illinois Income Tax Act is amended by |
changing Section 226 as follows:
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(35 ILCS 5/226) |
Sec. 226. Natural disaster credit. |
(a) For taxable years that begin on or after January 1, |
2017 and begin prior to January 1, 2018, each taxpayer who owns |
qualified real property located in a county in Illinois that |
was declared a State disaster area by the Governor due to |
flooding in 2017 is entitled to a credit against the taxes |
imposed by subsections (a) and (b) of Section 201 of this Act |
in an amount equal to the lesser of $750 or the deduction |
allowed (whether or not the taxpayer determines taxable income |
under subsection (b) of Section 63 of the Internal Revenue |
Code) with respect to the qualified property under Section 165 |
of the Internal Revenue Code, determined without regard to the |
limitations imposed under subsection (h) of that Section. The |
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township assessor or, if the township assessor is unable, the |
chief county assessment officer of the county in which the |
property is located, shall issue a certificate to the taxpayer |
identifying the taxpayer's property as damaged as a result of |
the natural disaster. The certificate shall include the name |
and address of the property owner, as well as the property |
index number or permanent index number (PIN) of the damaged |
property. The taxpayer shall attach a copy of such certificate |
to the taxpayer's return for the taxable year for which the |
credit is allowed. |
(b) In no event shall a credit under this Section reduce a |
taxpayer's liability to less than zero. If the amount of credit |
exceeds the tax liability for the year, the excess may be |
carried forward and applied to the tax liability for the 5 |
taxable years following the excess credit year. The tax credit |
shall be applied to the earliest year for which there is a tax |
liability. If there are credits for more than one year that are |
available to offset liability, the earlier credit shall be |
applied first. |
(c) If the taxpayer is a partnership or Subchapter S |
corporation, the credit shall be allowed to the partners or |
shareholders in accordance with the determination of income and |
distributive share of income under Sections 702 and 704 and |
Subchapter S of the Internal Revenue Code. |
(d) A taxpayer is not entitled to the credit under this |
Section if the taxpayer receives a Natural Disaster Homestead |
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Exemption under Section 15-173 of the Property Tax Code with |
respect to the qualified real property as a result of the |
natural disaster. |
(e) The township assessor or, if the township assessor is |
unable to certify, the chief county assessment officer of the |
county in which the property is located, shall certify to the |
Department a listing of the properties located within the |
county that have been damaged as a result of the natural |
disaster (including the name and address of the property owner |
and the property index number or permanent index number (PIN) |
of each damage property). |
(f) As used in this Section: |
(1) "Qualified real property" means real property that |
is: (i) the taxpayer's principal residence or owned by a |
small business; (ii) damaged during the taxable year as a |
result of a disaster; and (iii) not used in a rental or |
leasing business. |
(2) "Small business" has the meaning given to that term |
in Section 1-75 of the Illinois Administrative Procedure |
Act. |
(g) Nothing in this 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 a credit obtained or sought under |
this Section.
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