IL HB4975

Defines "flooding disaster" as widespread or severe property damage from flooding proclaimed a natural disaster by the Governor or President of the United States.

Extends qualified commercial and industrial property tax valuation benefits to small businesses rebuilding after flooding disasters, in addition to tornado disasters.

Requires rebuilt structures to be completed within 2 years of the disaster and limits square footage to no more than 110% of the original structure size.

Applies the special valuation method for up to 15 taxable years after the disaster, with annual increases of 4% in assessed value after the first year.

Effective immediately upon enactment.