Bill Text: IL HB4485 | 2013-2014 | 98th General Assembly | Introduced

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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]

Download: Illinois-2013-HB4485-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB4485 Introduced , by Rep. Katherine Cloonen SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
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.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Natural disaster credit.
(a) For tax years ending on or after December 31, 2014,
each taxpayer is entitled to a credit against the taxes imposed
under subsections (a) and (b) of Section 201 of this Act in an
amount equal to the amount 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, including, but not limited, to
debris removal.
(b) Except as provided in subsection (c) with respect to
credit amounts that are carried forward, a taxpayer is not
entitled to a credit under this Section if the natural disaster
occurred more than 2 years prior to the taxable year for which
the credit is claimed. A taxpayer is not entitled to a credit
under this Section if the costs incurred are eligible for

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reimbursement by a third party.
(c) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may refunded to the taxpayer, or it may be carried forward and
applied to the tax liability of the 5 taxable years following
the excess credit year, at the election of the taxpayer. If the
excess credit amounts are carried forward, then those amounts
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 a liability, the earlier credit shall be
applied first.
(d) For the purposes of this Section, "natural disaster"
means an occurrence of widespread or severe damage or loss of
property resulting from any catastrophic cause including but
not limited to fire, flood, earthquake, wind, storm, or
extended period of severe inclement weather. A proclamation of
disaster by the President of the United States or Governor of
the State of Illinois is not a prerequisite to the
classification of an occurrence as a natural disaster under
this Section.
(e) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.