Despite the state's debt, Gov. Bruce Rauner recently signed a tax credit bill to aid residents and businesses who suffered severe 2017 flood damage that will cost Illinois approximately $4.5 million.
The measure, Senate Bill 403 sponsored by Sen. Dan McConchie (R-Hawthorn Woods), authorizes the state to give a tax credit of up to $750 to homeowners and small business who suffered damage.
“We believe this will likely cost the state $4.5 million," Rauner said at a news conference after he signed the bill Nov. 16. "It may be more than that or less than that depending on how many properties qualify and who seeks the credit."
To qualify for the $750 tax credit, homeowners and small business owners need to get a certificate from their township assessor proving damage. Once the certificate is handed over, residents can apply for the credit this upcoming tax season.
“It is a good piece of bipartisan legislation that will bring much relief to our homeowners and small business owners in the northern part of the state that suffered devastating damage from the horrible floods that occurred this past summer,” Rauner said.
The governor discussed declaring 18 counties as disaster areas; however he said even with the “tens-of-millions of dollars in damage” incurred in the northern part of the state, the federal government declined to assist in recovery efforts.
“We have sought federal disaster relief, unfortunately the damage did not qualify for federal assistance per federal authorities, but we don’t want to just stop with that,” Rauner said, adding his office is working with the Small Business Administration to secure low interest loans for repairs.
McConchie said the money is well spent by the state of Illinois.
“This is really key for many people across our state,” McConchie said. “One of the key things about government is for people to be able to reach in and do the things that nobody else can do, and certainly a response to a natural disaster is one of the top things a government should be active on.”
The senator said the tax credit should help those who suffered damage get back on their feet and to help the state advance forward.
“Thank you, governor, for your support and we look forward to helping the people of this state as quickly as possible,” McConchie said.
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