Bill Status of HB 4485   98th General Assembly


Short Description:  INC TX-NATURAL DISASTER

House Sponsors
Rep. Katherine Cloonen

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit equal to any unreimbursed amounts paid by the taxpayer during the taxable year for the purposes of (i) rebuilding or restoring a residential, industrial, or commercial structure located in the State that was damaged as a result of a natural disaster or (ii) engaging in other cleanup efforts related to a natural disaster occurring in the State. Provides that a taxpayer is not entitled to a credit if the natural disaster occurred more than 2 years prior to the taxable year for which the credit is claimed. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Actions 
DateChamber Action
  1/30/2014HouseFiled with the Clerk by Rep. Katherine Cloonen
  2/3/2014HouseFirst Reading
  2/3/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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