Tax Credit for Victims of July 2017 Flood
Lake County property owners who sustained flood damage from the July 2017 flood may be eligible to claim an income tax credit worth up to $750 under a new law recently approved by the Illinois Legislature and signed by the governor. If eligible, the income tax credit may be applied to the resident’s 2017 Illinois income taxes.
The income tax credit is only for qualified property that was damaged as a result of the July 2017 floods. Impacted property owners may apply for the income tax credit through their Township Assessor or the Chief County Assessment Office. As part of the certification process, property owners will need to complete an IRS form, along with a Natural Disaster Income Tax Credit Certificate, and will need to provide proof of loss in the form of receipts, insurance claims or other validation. Qualifications and the required forms to claim the income tax credit can be found on the Chief County Assessment Office’s website.
Once eligible flood victims submit the necessary forms to their Township Assessor or the Chief County Assessment Office, and it is approved, they will need to submit the certificate with their income tax return.
If a property owner has questions regarding the income tax credit, call the Illinois Department of Revenue at 1-800-732-8866, or visit tax.illinois.gov.
SBA Offers Loan Assistance for Those Impacted by Floods
Homeowners and business owners impacted by the July 2017 flooding may also be eligible for loan assistance from the U.S. Small Business Administration (SBA). Find out more by viewing this SBA news release.
The deadline to file an application is now January 12, 2018. Under the SBA assistance program, those in Lake County and the contiguous counties of Cook and McHenry; and Kenosha in Wisconsin can apply for low-interest disaster loans. View Fact Sheet.
Applicants may also apply online using the Electronic Loan Application (ELA) on the SBA’s website at https://disasterloan.sba.gov/ela.
Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@SBA.gov.
SBA Economic Injury Loan
The deadline to apply for Economic Injury loans, such as loans to assist small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations through the recovery period is August 13, 2018.
For more information about the July 2017 flood, including other resources that may be available, please visit www.lakecountyil.gov/flood.