Flood Victims Tax Credit provides up to $750 for eligible taxpayers
CHICAGO—(ENEWSPF)—November 17, 2017
By: Rosemary Piser
Governor Rauner signed into law yesterday a tax credit worth up to $750 for property owners in 18 Illinois counties where flood damages were sustained in July.
The bill creates a natural disaster credit that eligible, affected property owners may apply to their 2017 Illinois income taxes.
Counties included are: Cook, Lake, Kane, McHenry, Alexander, Clinton, Jackson, Marshall, Union, Woodford, Carroll, Henry, Jo Daviess, Lee, Ogle, Rock Island, Stephenson and Whiteside. All of these counties were declared state disaster areas by the Governor last summer.
At the bill signing in the Thompson Center, Governor Rauner said, “July’s severe storms pushed rivers and lakes over their banks across a wide swath of Illinois. Many home and business owners are still working to restore their properties after the inundation of water, debris and mud they suffered through, in some cases for weeks. In northeastern Illinois counties, the flooding was unprecedented. This tax credit offers a measure of much-needed relief.”
State Rep. Sam Yingling, (D-Grayslake), the House sponsor of the bill said, “The Flood Victim Tax Credit provides immediate relief this tax year for families and small businesses who are rebuilding their lives and their livelihoods following the historic summer flooding.”
State Rep. Barbara Wheeler (R-Crystal Lake), the bill’s co-sponsored the bill added, “Unfortunately for many families impacted by this type of disaster, once the initial shock wears off, the reality of financial hardship caused by the devastation can be just as traumatic as the event itself. In the past, state government has not always responded quickly enough to provide the relief needed for this financial stress. However, this time the governor and legislature acted quickly, and I know many of the families still trying to recover are grateful.”
Qualified properties include a taxpayer’s principle residence or land owned by a small business, but not a rental or leasing business. The tax credit will be the lesser of $750 or the deduction allowed under the Internal Revenue Code for each taxpayer who owns qualified property in a county declared a state disaster area.
Township assessors shall issue eligibility certificates to the appropriately requesting property owners. Assessors shall also certify to the Illinois Department of Revenue listings of flood-damaged properties.
Based on damages previously reported to the Illinois Emergency Management Agency, the fiscal impact to the state is estimated at $4.6 million.