Will Davis, D-Homewood, who helped negotiate the package. … And if I had to sum it up in two words in this case, I would probably say ‘Cha-ching!'” said Rep. At the same time, more than $1 billion is set aside for future emergency expenses. Other initiatives include a six-month freeze on motor fuel tax increases, a one-year suspension of the grocery sales tax and the repeal of the school sales tax in August. The cuts are the pinnacle of an effort launched last winter by Pritzker and strengthened by legislative Democrats to combat near-record inflation, which has reached 9% this year. The property tax credit will be equal to the amount the homeowner claimed as a credit on the previous year’s income tax return, up to $300, Harris said. Taxpayers will also receive $100 for dependents claimed, up to three.
Individual taxpayers making less than $200,000 will get a $50 rebate, and couples filing and making less than $400,000 will get a $100 rebate, said Director of Revenue David Harris. The rebates will come by mail or direct deposit in the final days of the campaign season when voters decide. With the November election eight weeks away, the timing is perfect for Pritzker, Comptroller Susana Mendoza, who was in the spotlight Monday, and virtually everyone in the General Assembly. This is exactly the kind of thing that a responsible government should be helping our residents with, and we have as of today.” “Gas and grocery store prices have put Illinois families on a rollercoaster ride in recent months. “Everyone knows that inflation is a global problem with local consequences,” Governor JB Pritzker said at a press conference in Chicago.
The income and property tax cuts are part of a $1.83 billion package of inflation-fighting measures included in this year’s budget. (AP) – The Democrats who run state government celebrated by announcing that tax refund checks – totaling more than $1.2 billion – began going to 6 million taxpayers on Monday.
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