Illinois lawmakers have approved a $1,000 tax rebate as part of a tax relief package that also includes a property tax credit. The $1,000 income tax rebate will be issued in 2022 to residents who earn less than $150,000 a year. The state property tax credit will be awarded to households earning less than $100,000, with the average award being $440. Rebates and credits will be paid out this summer
You’ll get a one-time cash stimulus check of $1,000 if you file taxes in 2022. You also can apply for a property tax credit if you own your home and have less than $100,000 in income.
Stimulus Check Coming Up
The rebate is part of an overall tax relief package approved by Illinois lawmakers earlier this year. The plan includes cuts to corporate and personal income taxes as well as sales taxes on clothing and footwear purchases. It also includes extra money for the state’s pension system, which has billions of dollars in unfunded liabilities.
The state property tax credit will be awarded to households earning less than $100,000, with the average award being $440. It won’t be a surprise if you don’t receive a check if you earn more than this amount, since only those who pay property taxes are eligible for the credit.
If you’re one of the many people who have been waiting for your rebate, it might be time to start getting excited about getting it. The Illinois Department of Revenue estimates that more than 500,000 state residents will receive their checks this summer — and that’s just for the stimulus money! (Not everyone will get a check; some will have to wait until next year.)
Summer is an ideal time for those checks to arrive because so many people are on vacation or busy with kids or simply not thinking about taxes at all.
