New Illinois law creates tax credit for flooded properties
CHICAGO — Gov. Bruce Rauner has signed a tax credit into law worth up to $750 for property owners in 18 Illinois counties that suffered flood damages earlier this year.
The legislation signed Thursday creates a natural disaster tax credit that eligible property owners can apply to their 2017 Illinois income taxes. 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.
Under the new law, township assessors will issue eligibility certificates for property owners and give the Illinois Department of Revenue listings of flood-damaged properties.
The Illinois Emergency Management Agency estimated the flooding’s fiscal impact to the state at $4.6 million. Rauner declared the 18 counties where the tax credit applies state disaster areas last summer.
Included counties are Cook, Lake, Kane, McHenry, Alexander, Clinton, Jackson, Marshall, Union, Woodford, Carroll, Henry, Jo Daviess, Lee, Ogle, Rock Island, Stephenson and Whiteside.