(WBBM NEWSRADIO) — The new state budget nearing final approval in Springfield could almost be considered Christmas in April, with $1.8 billion in tax breaks that would include rebate checks of at least $50 for many Illinoisans.
The more than $45 billion budget on the fast track to Gov. JB Pritzker’s desk includes one-time perks that legislative sponsors say are made possible through higher-than-expected state receipts and the last of the federal COVID relief money.
The stimulus-like rebates for income taxpayers are expected to break down this way, Rep. Mike Zalewski, D-Riverside, tells WBBM Newsradio:
—Single people making less than $200,000 would get $50 back from the state. The ceiling for joint tax-filers would be $400,000.
—Parents or guardians would also receive $100 per dependent, up to three dependents.
Other components aimed to ease the burdens of Illinois consumers amid spiking inflation include freezing the state’s gasoline tax, a tax break on groceries and property-tax relief.
The budget was pushed through by Democrats who control the Legislature and the governor’s office. Republicans have derided the giveaways in the spending plan as election-year gimmicks to strengthen the majority party’s hand.
Crain’s Chicago Business columnist Greg Hinz notes that Democrats are also paying down the state’s pension debt and putting money in the state’s depleted Rainy Day Fund.
So, when might the $50 checks to income taxpayers hit the mail?
“I don’t know exactly,” Hinz told the Noon Business Hour Friday, “but you can bet your microphone it’ll be before Election Day.”
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