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.".