SB0113 Summary

• Transfers $250,000 from the General Revenue Fund to the Disaster Response and Recovery Fund to provide disaster relief to the City of Taylorville for damage from a tornado on December 1, 2018.

• Provides a state income tax credit of up to $750 for taxpayers who own qualified real property in counties declared disaster areas due to tornadoes in 2018 for taxable years beginning January 1, 2019 through December 31, 2019.

• Qualified real property includes the taxpayer's principal residence or a small business, must have been damaged during the taxable year, and cannot be used in a rental or leasing business.

• Excess tax credits that exceed annual tax liability may be carried forward and applied to the five subsequent taxable years, with earlier credits applied first.

• Township assessors or county assessment officers must certify damaged properties to the Department and issue certificates to property owners to claim the credit on their tax returns.