Gov. Bruce Rauner has signed a tax credit into law worth up to $750 for owners of qualified property in Kane County that suffered flood damages in July of 2017.
The legislation signed last month creates a natural disaster tax credit that eligible property owners can apply to their 2017 Illinois income taxes. Properties that qualify for the tax credit include a taxpayer’s principle residence or land owned by a small business, but not a rental or leasing business.
Under the new law, Kane County Supervisor of Assessments Mark Armstrong will issue eligibility certificates for qualified property owners and provide the Illinois Department of Revenue listings of the flood-damaged properties.
This income tax credit is for qualified real property that was damaged as a result of the flood event in July 2017; no other events can be considered for this. This credit can be obtained for up to $750, based upon information provided.
- Residential property must be the principal residence of the owner; if the property is leased, the owner is not eligible for this credit.
- Certain small-business properties can apply for this credit.
- Only losses related to qualified real property can be considered for this tax credit; personal property losses (such as furniture or other possessions) are not eligible.
A property owner will need to provide the following documents to the County Supervisor of Assessments as a part of the certification process:
- A Natural Disaster Income Tax Credit Certificate with sections 1 and 2 completed;
- A completed IRS Form 4684; and
- Proof of loss in the form of receipts, estimates, invoices, insurance claims, or other validation to claim the income tax credit
Applicants must bring completed forms and proof of loss documentation to the County Supervisor of Assessments Office at 719 Batavia Avenue in Geneva. The information will then be evaluated to determine whether the property qualifies for the income tax credit and the amount of the credit to be received.
To obtain forms for this tax credit, visit this page on the Supervisor of Assessments website or call the Kane County Assessment Office at 630-208-3818.
- Instructions for Form 4684
- IRS Form 4684
- PTAX-555 Natural Disaster Certificate
- IRS Publication 547
- Informational Bulletin
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