Demmer-backed Tax Credit for Flood Victims Signed into Law

Photo Credit: Shaw Media
Dixon… Governor Bruce Rauner on Thursday signed legislation backed by Representative Tom Demmer (R-Dixon) providing a tax credit worth up to $750 for property owners who were victims of flood damage in July in 18 counties declared disaster areas.
“Many homeowners and businesses are still recovering from flood damage in July throughout Illinois,” said Demmer.  “This credit will provide some relief to those affected by this flooding and allow them to continue on the path to recovery.”
Senate Bill 403 created a natural disaster tax credit that eligible, affected property owners may apply to their 2017 Illinois income taxes.  Counties eligible for the tax credit include Cook, Lake, Kane, McHenry, Alexander, Clinton, Jackson, Marshall, Union, Woodford, Carroll, Henry, Jo Daviess, Lee, Ogle, Rock Island, Stephenson, and Whiteside- all of which were declared state disaster areas by the Governor this Summer.
Qualified properties include a taxpayers 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 IRS 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 (you may request this letter by contacting your local township assessors office), and that assessors shall certify to the Illinois Department of Revenue (IDOR) the listings of flood-damaged properties. 

IDOR expects to be publishing an additional bulletin detailing the steps a taxpayer may utilize to access the credit prior to tax filing season.  That bulletin will be published on the Illinois Department of Revenue’s website at http://tax.illinois.gov.  Taxpayers needing further information on the credit or any other tax credit question, may contact the IDOR Taxpayers Assistance Hotline at 800-732-8866.

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