Flood victims in 18 Illinois counties eligible for tax credit under new law
Flood victims in 18 Illinois counties eligible for tax credit under new law:- Some relief is on the way for Lake County residents whose homes flooded this past summer after Gov. Bruce Rauner signed legislation Thursday providing up to a $750 credit to homeowners who reported flood damage from the historic water levels in July.
“July’s severe storms pushed rivers and lakes over their banks across a wide swath of Illinois,” Rauner stated in a press release announcing the passage of SB 403. “Many home and business owners are still working to restore their properties after the inundation of water, debris and mud they suffered through, in some cases for weeks.”
Describing the flooding triggered by heavy storms across northeastern Illinois on July 11-12 as “unprecedented,” Rauner’s statement added that, “This tax credit offers a measure of much-needed relief.”
Residents in 18 counties are eligible for the credit, according to the press release, including Cook, Lake and McHenry. Rauner declared that all those counties were state disaster areas following the floods.
State Sen. Melinda Bush, D-Grayslake, introduced the legislation along with state Rep. Sam Yingling, D-Grayslake. The two spoke at a press conference Thursday at Round Lake Park Village Hall, along with Round Lake Park Mayor Linda Lucassen and Lake County Chairman Aaron Lawlor.
“We didn’t get the FEMA dollars,” Bush said, explaining that one reason she introduced the legislation was because the Federal Emergency Management Agency did not assist residents of Lake County with relief funds. “We didn’t make the numbers for FEMA.”
Yingling said many in Lake County are still struggling with damage from the flood.
“There are still a number of families trying to recover from the devastation,” he said. “This is much-needed relief.”
In an earlier news release, Bush stated that the flooding that occurred this summer, “caused thousands of dollars in property damage to Lake County homes and businesses. This tax credit will provide relief to flood victims who are still trying to pick up the pieces, and rebuild their homes and businesses.”
At Thursday’s appearance in Round Lake Park, Bush added that, “a lot of (property owners) just don’t have the resources” to recover from the flood.
Lucasson estimated there were more than 100 families in Round Lake Park who would qualify for the credit.
“There is going to be some help,” she said. “Some of our residents are still not in their homes.”
Lawlor announced that Lake County has waived permitting and other fees for housing damaged by flooding.
“Together we are making sure that we step up for our Lake County families,” Lawlor said. He added that he believes thousands of Lake County families will receive a tax credit under this bill.
Rauner’s office estimates the bill will cost the state $4.6 million.
In order to qualify for the grant, Yingling said, the homeowners must have reported the damage in July to the Lake County Emergency Management agency. In addition, he said, homeowners who received the Natural Disaster Reassessment are not eligible.
In addition, officials said, homeowners seeking the credit must attach a letter from their township assessor’s office to the tax form.
Lucasson said Round Lake Park did all it could to make sure its residents reported the damage correctly in order to receive assistance. Village representatives visited flooded areas following the storm to spread the word, she added.
“We walked the streets and handed out fliers,” Lucasson said.
In addition to the tax credit, the lawmakers announced the Small Business Administration will provide low interest loans to homeowners and business owners in Lake County.
Lawlor said a temporary SBA Help Center at 1303 N. Milwaukee Ave. in Libertyville, behind Winchester House, has hours available in November for Lake County residents affected by the flooding.
Source:-Â http://www.chicagotribune.com/suburbs/lake-county-news-sun/news/ct-lns-lake-county-flood-relief-st-1117-20171116-story.html
