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 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.
Information and paperwork about how to qualify and apply for the tax credit can be found on the Kane County Assessment Office website, Click Here.
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