Residents Affected by July Floods Eligible for Tax Credit

The Illinois Department of Revenue has approved an income tax credit for qualified real property that was damaged as a result of the flood event in July 2017. The credit is worth up to $750 for property owners in 18 Illinois counties where flood damages were sustained in July.

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.