Bill Title: 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.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2014-12-03 - Session Sine Die [HB4485 Detail]

Text: Latest bill text (Introduced) [HTML]

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