2017 Natural Disaster Income Tax Credit
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.
- The property must be the principal residence of the owner
- If the property is leased, the owner is not eligible for this credit
- Certain business properties can apply for this credit (details listed on the certificate)
- Only losses related to qualified real property can be considered for this tax credit
- Properties that received or will receive a Natural Disaster Homestead Exemption for property taxes do not qualify for this credit
Items a property owner will need to provide to a Township Assessor or the County Assessor as a part of the certification process:
- A property owner will need to complete a proforma IRS Form 4684, as well a Natural Disaster Income Tax Credit Certificate
- Property owners will need to provide their Township Assessor or the County Assessor with proof of loss in the form of receipts, estimates, invoices, insurance claims or other validation to claim the income tax credit
Please bring completed forms and proof of loss documentation to your local Township Assessor’s Office or the Chief County Assessment Office. The information will then be evaluated to:
- Determine whether the property owner has already received a benefit with a Natural Disaster Homestead Exemption
- Determine the amount of the credit to be received
- Complete Sections 3 and 4 of the Natural Disaster Income Tax Credit Certificate (if the credit is approved)
The County Assessor will transmit the data from the completed certificates to the Illinois Department of Revenue.
Resident To-do list for claiming Tax Credit after being certified by Township Assessor or County Assessment Office:
- Review "PTAX-555 Natural Disaster Certificate" document prior to filing taxes.
- Choose to file Illinois Taxes by paper or online at Illinois Department of Revenue’s website. https://mytax.illinois.gov/_/
- Fill out Schedule 1299-C - Consult page 3 of the "PTAX-555 Natural Disaster Certificate" for instructions
- Upon completion of IL-1040 use the "attach document" link to upload the Tax Credit Certificate received from township assessor or county assessment office
If a property owner has questions on the income tax credit, they can call the Illinois Department of Revenue at 1-800-732-8866 or visit their website.