Rauner signs tax credit bill to help property owners affected by July floods

CHICAGO, IL (KFVS) - Illinois Gov. Bruce Rauner signed into law today a tax credit worth up to $750 for property owners in 18 Illinois counties where flood damaged properties in July 2017.

The bill creates a natural disaster credit where property owners can submit to their 2017 Illinois income taxes.

Heartland counties include: Alexander, Jackson and Union. Also included are Cook, Lake, Kane, McHenry, Clinton, Marshall, Woodford, Carroll, Henry, Jo Daviess, Lee, Ogle, Rock Island, Stephenson and Whiteside.

All were previously declared disaster areas by Rauner last summer. The monetary impact of damage is suggested at $4.6 million based on damage reported to the Illinois Emergency Management Agency.

"July's severe storms pushed rivers and lakes over their banks across a wide swath of Illinois," said the Governor. "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."

Properties that qualify for the tax credit 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 bill provides that township assessors shall issue eligibility certificates for appropriately requesting property owners, and that assessors shall certify to the Illinois Department of Revenue listings of flood-damaged properties.

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