Finally Some Relief! Savings on Essentials in Illinois Starts Friday
$1.8 Billion in tax relief is coming into effect on Friday, July 1, 2022, for families in Illinois.
The Illinois Family Relief Plan pauses taxes on several essential living expenses. This includes a suspension of state tax on groceries for one year, direct payment for some families who make a certain amount of money, the earned income tax credit, a sales tax holiday for school supplies, and the doubling of property tax rebates.
According to Illinois.gov:
$1.83 BILLION IN TAX RELIEF FOR FAMILIES
• Suspends the tax on groceries for one year - saving consumers $400 million
• Freezes the motor fuel tax for six months - saving consumers $70 million
• Provides $520 million for a one-time property tax rebate - 5% of property taxes paid, up to $300 per household
• Permanently expands the earned income tax credit from 18 to 20 percent of the federal credit while expanding the number of households covered - putting $100 million per year back into the pockets of working families who need it most
• Provides $685 million for direct rebate checks to working families
o $50 per individual
o $100 per dependent, up to three children per family
- Income limits: $200,000 for individuals and $400,000 for joint filers
• Provides families with a "Back to School" sales tax holiday on clothing and school supplies for a week in August and doubles tax credit for teachers who buy classroom supplies - saving $50 million
As to the earned income tax credit, last year’s increase in the credit now becomes permanent plus changes to its qualifying criteria will increase the number of households covered which can take advantage.
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