Senator Link speaks during committeeSPRINGFIELD – Lake County flood victims whose property was damaged during this summer’s floods could receive a natural disaster tax credit thanks to a bill sponsored by Senator Terry Link (D-Vernon Hills).

“The hundred-year flooding of this past summer caused severe damage to thousands of Lake County properties,” Link said. “Residents are doing everything they can to rebuild their homes and businesses, but they need our help. This natural disaster tax credit will help victims get back on their feet by reducing the financial burden caused by the floods.”

Senate Bill 403 allows an income tax credit of up to $750 in counties where a state disaster proclamation was issued in July of this year. In order to qualify for the natural disaster income tax credit, individuals must own property and must have reported property damage to the appropriate authority. If an individual received an insurance reimbursement, they are not entitled to the tax credit.

State disaster proclamations were declared in the following counties in July 2017: Lake, Carroll, Cook, Henry, Jo Daviess, Kane, Lee, McHenry, Ogle, Rock Island, Stephenson and Whiteside.

The measure passed in the Senate today with strong bipartisan support.

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Category: Releases

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