Many Illinois residents may soon receive a stimulus check to help them cope with soaring inflation and gas prices. The proposal to provide Illinois with stimulus cheques was included in the spring session budget plan, which lawmakers have now passed. Aside from the Illinois stimulus payments, the budget plan consists of several other initiatives to assist citizens directly.
Who Will Get the Illinois Stimulus Checks?
LAST WEEK, Governor JB Pritzker and Democrats in the Illinois House and Senate agreed on the state budget. The budget plan provides $1.8 billion in tax relief to taxpayers, including a one-year suspension of the grocery tax, a six-month freeze on the motor fuel tax, and a $300 property tax rebate per household.
In a news statement, Governor JB Pritzker said, “Our plan provides more than $1.8 billion in tax relief to Illinois taxpayers, adds $1 billion to our state’s long-depleted Rainy-Day Fund, and doubles down on our efforts to make significant investments in public safety.”
Along with these benefits, the budget plan includes a provision to provide Illinois residents with stimulus cheques. Individuals with incomes of less than $200,000 ($400,000 for joint filers) will receive $50 each and $100 per kid for up to three children per family under the scheme.
Families and teachers will also benefit from the budget plan’s back-to-school tax savings. There’s also a $1 billion contribution to the Budget Stabilization Fund, $200 million for pension payments, and more than $200 million for public safety and law enforcement.
Pritzker claimed that the “foundation created over the past three years” has allowed Illinois lawmakers to deposit $1 billion into the state’s Rainy Day Fund and $500 million into pensions.
Much information concerning the Illinois stimulus cheques is unknown, including other eligibility restrictions and when the checks will be distributed. Now that the lawmakers have approved the budget proposal, we may expect additional information.
Residents will get more relief.
Even though Democrats in the Illinois House and Senate have struck a budget agreement, many Republicans believe the proposal should have been improved to provide people with lasting tax relief.
“Democrats are opting to issue one-time checks and other temporary assistance shortly before the election that expires right after the election,” Senate Republican Leader Dan McConchie said.
Despite opposition from Senate Republicans, the budget package was passed on Saturday. According to lawmakers, the 1% sales tax exemption on food for the entire fiscal year could save taxpayers up to $400 million by July 1, 2023.
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Furthermore, the state’s fuel tax, which was set to rise in July due to inflation, will stay at $0.39 per gallon until January 1, 2023. It is estimated that taxpayers will save almost $70 million due to this.