$1.8 Billion in Tax Relief for Families – See If You Qualify
CHICAGO – Governor JB Pritzker signed the fiscal year 2023 budget into law providing $1.8 billion in tax relief to Illinois’ working families.
The fiscal year 2023 General Funds budget plan reflects $46.429 billion in projected revenues and $45.986 billion in expenditures, resulting in a $444 million surplus. The fiscal year 2023 budget plans to aid businesses, healthcare providers, and families with the federal dollars received from the American Recovery Plan Act (ARPA). Funds were also directed for investment in Illinois communities.
Governor JB Pritzker is hopeful that the budget he signed into law brings real improvements to working families and a better way for a stronger fiscal future.
Highlights from the budget package include help for Illinois families allowing $1.83 billion in tax relief for families. The $1.83 billion in tax relief will give Illinois families the following benefits:
• Suspended tax on groceries for one year – saving consumers $400 million
• Motor fuel tax freeze for six months – saving consumers $70 million
• $520 million one-time property tax rebate – up to $300 per household
• expands the earned income tax credit from 18 to 20 percent of the federal credit and households covered were also expanded – putting $100 million yearly rebates to families who need it most
Read also: $500 Relief Checks To Be Received Monthly – See If You’re Eligible
An amount of $685 million for direct rebate checks is also given to working families, giving every individual a $50 rebate and $100 per dependent for families having up to three children. Families are provided with “Back to School” sales rebates for clothing and school supplies for a week in August. Teachers are also given double tax credit who buy classroom supplies saving them $50 million.
To be eligible for these tax credits, individual filers should have at least $200,000 or less, and $400,000 or less for joint filers.
The two-year pandemic plus the inflation caused families extreme financial pain. Illinois Senate President Don Harmon (D-Oak Park) said they are continuing their practice of responsible budgeting while helping those families struggling with the hope that the tax credits they gave will provide them relief.
Read also: List of States that Still Pays Out Stimulus Checks in 2023
