Illinois residents might have a surprise coming to their bank accounts to start the work week.
Under the terms of the Illinois Family Relief Plan that was passed by the Illinois House and Senate and went into effect July 1, one time individual income and property tax rebates will be issued to taxpayers who meet certain requirements. The rebates are expected to be issued starting the week of September 12.
For the individual income tax rebate, a person qualified if they were a resident of Illinois in 2021 and their adjusted gross income was under $200,000 (if filing singly) or under $400,000 (if filing jointly). People who filed as a single person will receive $50 and those who filed jointly as a married couple will receive $100. Those with dependents will receive $100 per dependent, up to a maximum of three. If you already filed your taxes this year, you don’t have to do anything, but if you haven’t filed yet, you have until October 17.
The property tax rebate is equal to the property tax credit you were able to claim on your IL-1040, up to a maximum of $300. Those who are Illinois residents and paid Illinois property taxes on their primary residence in 2020 and have an income of $250,000 (filing singly) or $500,000 (filing jointly) qualify for the rebate. If you filed your 2021 IL-1040 and Schedule ICR, you automatically receive the rebate. If not, you have until October 17 to file a Property Tax Rebate Form (IL-1040-PTR). For more information on the PTR, click here. Forms may be submitted online or through the mail.
For more information about the rebates, including status updates and a FAQ section, click here.