Eligible Illinois residents will soon see a $300 direct payment.
The payments are coming as income and property tax rebates.
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When will the payments be distributed?
In the spring, Illinois Governor JB Pritzker signed the state’s $46.5million budget into law. This budget includes two rebates– one income tax and the other property tax. The payments are set to start being distributed on September 12.
The state mentioned that delivery could take up to eight weeks. However, those who opted for direct deposit on their tax refunds will get their money faster.
Who is eligible?
There are income limits on both rebates. Residents making less than $200,000 annually are eligible for the income tax rebate. This rebate is worth $50 for single filers. Couples filing jointly will qualify for $100 if they make less than $400,000 annually. Joint filers with three dependents can claim up to $300.
Illinois is also a rebate to homeowners who earned less than $250,000, or $500,000 for couples. Homeowners can get an amount equal to the property tax credit they qualified for in 2021, which is up to $300.
It is estimated that 6.2 million taxpayers are eligible for both rebates. In addition to the rebates, the state is also doing a temporary tax freeze:
- Groceries- 1% sales tax on groceries has been extended through June 30, 2023
- Gas- Illinois has suspended the 2.2 cent inflation-fueled increase in gas prices through January 2023