ROCK ISLAND, Ill. – Rock Island County property owners who were impacted by severe flooding over the summer could receive a $750 income tax credit under legislation passed by state Rep. Mike Halpin, D-Rock Island.
“Storms and flash flooding destroyed property and completely disrupted people’s lives over the summer, as the Rock River crested more than three feet over flood stage,” said Halpin. “This tax credit would go a long way in aiding residents who are still navigating the recovery process.”
The Halpin-backed Senate Bill 403 creates a tax credit, worth up to $750, for eligible homeowners and small businesses that sustained and reported property damage as a result of flooding in July 2017. Property owners who received a reimbursement from an insurance company do not qualify for the credit. The bill received bipartisan support to pass and now awaits the governor’s signature to become law.
“Even months later, there is still a great need to ease the financial burden of rebuilding after property and businesses have been destroyed,” said Halpin. “I am hopeful that the governor will approve our plan to provide relief to affected families and business owners so that they can get things back in order and move forward.”