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| Public Act 100-0731 | ||||
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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. | ||||
Section 10. The Illinois Income Tax Act is amended by | ||||
changing Section 226 as follows: | ||||
(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 | ||||
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 | ||
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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(Source: P.A. 100-555, eff. 11-16-17.)
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