While the federal government is most likely not planning on giving residents any more stimulus checks in 2022, there have been numerous states that have taken matters into their own hands, including Illinois. Here's what you need to know if you're a resident in Illinois.
Illinois estimated $1.83 billion relief package, which ended up going into effect a few weeks ago (July 1), and the package included income and property tax rebates and a temporary cut in several sales taxes.
Individuals who had earned less than $200,000 in 2021 will be receiving a $50 income tax rebate; meanwhile, couples who filed jointly with incomes under $400,000 will receive $100.
Additionally, filers are able to earn $100 per dependent they claimed on their 2021 taxes, up to three dependents. A family of five can earn as much as $400.
Financial officier Susanna Mendoza is expecting to start cutting checks on September 12, and the Illinois Department of Revenue told CNET in an email, with distribution finishing roughly eight weeks later.
Democratic Gov. J.B. Pritzker's Family Relief Plan also includes other tax holidays and rebates, such as:
- A suspension of the state's 1% sales tax on groceries from July 1, 2022, through June 30, 2023.
- Sales taxes for specific clothing and school supplies will be reduced.
- An expansion of the earned income credit from 18% down to 20% of federal credit.
- Property tax rebates for those who own a home and are earning less than $250,000 or $500,000 if filing jointly will also be available in an amount equal to the property tax credit that they qualified for on their 2021 Illinois returns, up to $300.