As part of the state of Illinois’ new budget agreement for fiscal year 2023, millions of taxpayers will be eligible for direct payment checks, but how much could you get if the budget passes?
The payments are part of a $1.8 billion tax relief deal agreed to by state lawmakers. The deal also includes property tax rebates, a suspension of the state’s sales tax on groceries, and a freeze on the state’s fuel tax.
The budget still needs to be passed by lawmakers, a move that is expected this week, then signed by Gov. J.B. Pritzker.
So just who is eligible for the direct payments included in the new agreement? Here is how the checks will be issued:
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The following income limits will be part of the plan:
-Up to $200,000 for individual taxpayers, or
-Up to $400,000 for joint taxpayers
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How much could you get? Here's what the plan includes:
-$50 per individual taxpayer
-Families will receive $100 per child, with a maximum of three credits per family.
The checks are just one taxpayer relief program included in the state’s budget. Lawmakers say that the state’s 1% sales tax on groceries will be suspended through the end of the new fiscal year, and a planned increase in the state’s fuel tax, which currently sits at 39 cents per gallon, will not take effect until at least Jan. 1.
That increase could be pushed back again depending on the price of fuel, lawmakers said.
Finally, a property tax rebate of up to $300 per property will also be included in the bill, officials said.
Details on how exactly the checks would be distributed to eligible residents or when have not yet been released.
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