fbpx
5.5 C
London
Sunday, December 4, 2022

The Illinois Income Tax Rebate: All You Need To Know

Most of the residents of Illinois will receive a tax rebate on their income taxes, property taxes, or both this month. They may be receiving the checks as soon as this coming Monday, September 12th.

A Quick Guide To The Income Tax Rebate

According to CNET, the Illinois Revenue Department aims to finish distributing the tax rebates by the middle of November. Kevin Schoeben, the Assistant Comptroller, had said that the department has been working overtime as they want to get the tax rebate payments delivered as early as possible. The deciding factor remains the immense volume that they are tasked with releasing during that period.

- Advertisement -

The tax rebates are a part of the Illinois Family Plan worth $1.8Bn passed by Governor JB Pritzker. The plan had been approved and deemed effective on July 1st, 2022. The plan further includes sales taxes being suspended for school supplies in August, on groceries till June 30th, 2023, as well as temporarily suspending the planned increase in gas tax until January 23rd, 2023.

The income rebate for Illinois residents is applicable to all residents of the state who had paid their taxes for the 2020-2021 year. Furthermore, for individual filers, their annual income must have been less than $200,000, while for joint filers, the threshold amount stands at $400,000.

Individuals can expect an income tax rebate of up to $50, while couples can expect the amount to be $100. There will be an additional $100 worth of income tax rebate for every dependent that has been claimed in the taxes for 2021, with a limit of up to 3 dependents. As such, a four-member family can expect about $300 in rebates. As per the words of the controller, qualified residents can expect to get the amount starting from September 12th till the end of November.

- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news