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SB403

  • Bush measure would provide tax relief to Lake County flood victims

    bush 102517SPRINGFIELD – Lake County residents whose property was damaged during July’s floods could receive an income tax credit of up to $750 under a measure introduced today by Senator Melinda Bush (D-Grayslake).

    “The flooding that occurred this summer cost Lake County residents thousands of dollars,” Bush said. “While some individuals have received insurance reimbursements, many are still waiting on the money they need to rebuild. This tax credit would provide much-needed relief to flood victims who have lost so much.”

  • 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.

  • Link urges income tax relief for Lake County flood victims

    link 051717SPRINGFIELD – 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.