IL SB0071

Establishes a natural disaster income tax credit for taxpayers owning qualified real property in counties declared State disaster areas due to flooding in 2017 or 2018 (for tax years beginning 2017-2019)

Credit amount is the lesser of $750 or the deduction allowed under Internal Revenue Code Section 165 for property damage, without regard to subsection (h) limitations

Extends the credit to taxpayers with property damaged by tornadoes in 2018 for tax years beginning 2019-2020

Excess credits may be carried forward and applied to tax liability for up to 5 subsequent years, with earlier credits applied first

Requires township assessors or chief county assessment officers to issue certificates to eligible property owners identifying damaged property by name, address, and property index number

Disqualifies taxpayers receiving a Natural Disaster Homestead Exemption under the Property Tax Code from claiming the credit