Illinois has signed off on the fiscal year 2023 budget plan for operations and capital. The fiscal year 2023 General Funds plan reflects a $444 million surplus. The state projected revenues of $46.429 billion and expenditures of $45.986 billion. (source)
Here are highlights of the budget package:
$1.83 Billion in Tax Relief for Families
- Suspends grocery taxes for one year - worth $400 million.
- Freezes the motor fuel tax for six months - worth $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. And expands the number of households covered. It is worth about $100 million per year.
- Provides $685 million for direct rebate checks to working families.
- $50 per individual - $100 per dependent, up to three children per family
-The income limit for this benefit is $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 - worth $50 million.
The Illinois fiscal year 2023 budget will also use sums from the American Recovery Plan Act (ARPA). These monies will aid businesses, healthcare providers, and families. In general, it invests in Illinois' communities. (source)
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.*