Flood Victims Tax Credit Passes Illinois House and Senate

SAVANNA… Legislation to provide an income tax credit to flood victims received the approval of the Illinois House of Representatives and State Senate this week and now heads to the Governor's desk for final consideration, according to State Representative McCombie (IL-71), co-sponsor of the bill. This summer, several counties across the State of Illinois were declared disaster areas after being devastated by flooding. Senate Bill 403 creates the Flood Victims Tax Credit. It will provide residents and businesses who were victims of these floods an income tax credit of $750 to assist them in their rebuilding effort. "SB 403 will touch all four counties in my district. This legislation came about because Illinois did not hit the threshold to be eligible for federal assistance. With a property and casualty background, I know that people impacted by the floods are not always made whole by insurance once depreciation, deductibles, and other factors are taken into account," said Rep. McCombie. "This provides just a little bit of relief to families that have been devastated." In total, SB 403 impacts 18 counties, including residents in Carroll, Henry, Rock Island and Whiteside counties represented by Rep. McCombie. Nearby Jo Daviess, Lee, Ogle, and Stephenson counties are also eligible for the tax relief. Federal assistance may not become available for victims of these disasters. ###