Gov. Bruce Rauner has signed into law a tax credit worth up to $750 for property owners in 18 Illinois counties where flood damages were sustained in July, including Carroll, Jo Daviess, Lee, Ogle, Stephenson and Whiteside Counties.
“July’s severe storms pushed rivers and lakes over their banks across a wide swath of Illinois,” Rauner said in a statement. “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.”
Qualified properties include a taxpayer’s principle residence or land owned by a small business, but not a rental or leasing business. The allowable income 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.
The law provides that township assessors shall issue eligibility certificates for those impacted, and that assessors shall certify to the Illinois Department of Revenue listings of flood-damaged properties.
The fiscal impact to the state is estimated at $4.6 million based on damages previously reported to the Illinois Emergency Management Agency.
The other counties included are Cook, Lake, Kane, McHenry, Alexander, Clinton, Jackson, Marshall, Union, Woodford and Rock Island.