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  • Lake County flood victims could see tax relief under measure from Bush, Yingling

    bush 110917 2GRAYSLAKE, IL – Lake County property owners who were impacted by July’s floods could receive a $750 income tax credit thanks to a measure from Senator Melinda Bush (D-Grayslake) and Representative Sam Yingling (D-Grayslake).

    “The Flood Victim Tax Credit will help provide relief to the countless Lake County residents who are still trying to rebuild their homes and businesses,” Bush said. “While some residents have received insurance reimbursements, many are still waiting to rebuild. This tax credit will help ease the financial burden and help local residents get back on their feet.”

    Senate Bill 403 allows a natural disaster income tax credit of up to $750 in counties where a state disaster proclamation was issued in July. Individuals must own property and must have reported property damage to the appropriate authority in order to qualify for the tax credit.

    Individuals who received a reimbursement from an insurance company are not entitled to the tax credit.

    “As property taxes have continued to unfairly impact my constituents, I will continue to fight for them in Springfield to bring them much needed relief,” said Yingling. “The Flood Victim Tax Credit provides immediate relief this tax year for families and small businesses who are rebuilding their lives and their livelihoods.”

    The measure applies to the following counties: Lake, McHenry, Kane, Cook, Carroll, Henry, Jo Daviess, Lee, Ogle, Rock Island, Stephenson and Whiteside.

    Having passed the Senate and the House, the measure now goes to the governor for approval.