McCombie applauds passage of tax credit for flood victims
State Rep. Tony McCombie (R-Savanna) recently lauded on Facebook the passage of Senate Bill 403, which aims to help property owners recover from July flooding with a small tax credit.
The bill, for which McCombie served as a chief co-sponsor, will allow Illinoisans affected by this summer’s flooding to qualify for a tax credit of up to $750 as they continue to recover from the natural disaster, according to the bill synopsis.
The tax credit is available for residents of counties that Gov. Bruce Rauner declared to be a state disaster area, provided the township assessor or chief county assessment officer confirms the property was damaged in the flooding.
“This is a very important bill to give just a little bit of relief to families that have been devastated and have not been able to be helped – not by the federal government, the state government or their own local communities,” McCombie said in an address on the House floor before that chamber’s vote on the bill, according to a video of her speech. “It’s just a little bit just to get them by. Please consider very strongly supporting this bill – I feel that it’s the least that we can do to be good neighbors in our state.”
Record flooding in Northwest Illinois from severe storms left many properties damaged. According to a September release from the governor’s office, the Illinois Emergency Management Agency (IEMA), Federal Emergency Management Agency (FEMA) and U.S. Small Business Administration (SBA) had assessment teams on the ground. They found more than 3,200 damaged homes in Cook, Kane, Lake and McHenry counties. That figure includes 244 severely damaged homes and 2,985 homes that had some damage.
“SB 403 will touch all four counties in my district,” McCombie wrote on her Facebook page. “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. This provides just a little bit of relief to families that have been devastated.”
The tax credit is available for homestead property owners or small-business owners. Residents who wish to take advantage of the tax credit established in SB 403 must first receive a certificate from their assessor certifying that the property was damaged in the flooding, according to the bill. Those certificates must feature the property index number or permanent index number of the affected property. Property owners who receive a Natural Disaster Homestead Exemption will not be eligible for the tax credit.
The credit is applicable to the current tax year and cannot reduce a taxpayer’s liability to less than zero. In instances where the credit would do so, the balance of the credit can be applied to tax liabilities for the next five years.