Taxpayers to get checks as part of Illinois budget deal – NBC Chicago
Springfield Democratic lawmakers announced agreement on a new budget, with more than $1.8 billion in tax relief for Illinois taxpayers, including direct checks, a product tax suspension groceries and a state fuel tax freeze.
According to Governor JB Pritzker and Democratic leaders in the Illinois Legislative Assembly, the new budget will once again be balanced, with $1 billion earmarked for the state’s rainy day fund and $1.8 billion for dollars in tax relief for taxpayers.
“I want to thank Senate Speaker Don Harmon and House Speaker Chris Welch for being true partners in crafting a responsible and compassionate budget,” Pritzker said. “Over the past few weeks, and especially over the past 48 hours, we have engaged in real compromise, which has led to real compromise, and honestly, it has helped that we are all engaged in this process by engaging to spend fiscally responsibly, a plan that has improved our state’s finances and helped our people in a time of real need.
Lawmakers say the state’s 1% sales tax on groceries will be suspended for the entire new fiscal year, which officials say will save taxpayers up to $400 million until July 1, 2023.
The state fuel tax, which was set to rise in July due to inflation, will instead be frozen at $0.39 per gallon until Jan. 1, 2023, saving taxpayers $70 million. .
According to Governor JB Pritzker, property tax rebates of up to $300 per household will also be included in the budget, along with an expansion of the state’s earned income tax credit.
Finally, families will receive direct checks from the state pending budget approval. Each individual will be entitled to a check of up to $50, with households also receiving $100 per child.
Income limits of $200,000 per individual taxpayer, or $400,000 for co-participants, will be attached to the checks, officials said.
Illinois Democrats praised the new budget for its impacts on taxpayers and its commitment to staying balanced, something the state has struggled with for decades.
“We’ve paid our bills, seen our credit score improve, invested in our priorities, and had the ability to return money to taxpayers,” Illinois Senate President Don Harmon said. “As the Governor said, a responsible and balanced budget was vital. We have that.