Rep. Yingling Introduces Lake County Flood Victim Tax Credit

SPRINGFIELD, Ill.– Today State Rep. Sam Yingling, D-Grayslake, passed the Flood Victim Tax Credit to provide tax credits for homeowners and small businesses who were negatively impacted by the historic flooding in Lake County during the summer of 2017. If signed by the governor, the bill will provide a $750 income tax credit to help eligible homeowners and small businesses who sustained and reported property damage, as a result of the historic summer flooding.

“The Flood Victim Tax Credit now to provide homeowners and small businesses impacted by the historic flooding with immediate relief this tax year,” said Yingling. “It will take the federal government a while to determine whether Lake County residents impacted by the flooding are eligible for additional federal aid, and this bill means my constituents will not have to wait for relief.”

In addition to the tax credits proposed this week by Rep. Yingling, homeowners, individuals, businesses and non-profit organizations impacted by the 2017 flooding in Lake County may also be eligible for disaster loans from the U.S. Small Business Administration (SBA). The filing deadline for those loans has been extended to Nov. 1, 2017. For more information on eligibility, loan amounts and other requirements, interested parties should contact the SBA’s Disaster Assistance Customer Service Center by calling 800-659-2955 or emailing disastercustomerservice@sba.gov.

“As property taxes have continued to unfairly impact my constituents, I will continue to fight for them in Springfield to bring them much needed relief,” said Yingling. “The Flood Victim Tax Credit provides immediate relief this tax year for families and small businesses who are rebuilding their lives and their livelihoods.”