IL SB1554

Amends the Illinois Income Tax Act to provide a tax credit of up to $750 for taxpayers who own qualified real property in counties declared State disaster areas due to tornadoes or flooding in 2011, 2013, 2015, 2017, or 2018.

Qualified real property includes a taxpayer's principal residence or small business property that was damaged during the taxable year and is not used in a rental or leasing business.

Credit amount equals the lesser of $750 or the Section 165 deduction allowed under the Internal Revenue Code for casualty losses to the qualified property.

Excess credits may be carried forward and applied to tax liability for up to 5 taxable years following the year in which the excess occurred.

Township assessors or county assessment officers must issue certificates to damaged property owners and certify a listing of all damaged properties to the Department of Revenue.