Illinois has now started to send income and property tax rebates to eligible taxpayers from Monday. It is estimated that about 6 million taxpayers will qualify for Illinois stimulus checks. The distribution of payment started Monday, but not everyone will get their checks right away.
Who Will Qualify For Illinois Stimulus Checks?
In April, Gov. J.B. Pritzker approved the Illinois Family Relief Plan that offers one-time individual income tax and property tax rebates to taxpayers who meet certain criteria. A point to note is that income tax and property tax rebates are two separate rebates that will be available to eligible taxpayers.
On Monday, Gov. Pritzker said the payment would start to go out on September 12. However, not all recipients will receive the payment this week. The complete distribution of payment should take about eight weeks, noted a news release from Illinois Comptroller Susanna Mendoza.
Eligible taxpayers will get a payment of $50 under the income tax rebate, while couples filing jointly will get $100. Additionally, they will get $100 per dependent claimed on their 2021 taxes (up to three dependents).
As to who will qualify for these Illinois stimulus checks, those with income below $200,000 in 2021 and not claimed as a dependent on another return will get the payment. Those who qualify don’t need to do anything to get the payment.
Those who filed their 2021 state income taxes and claimed a property tax credit will get the money automatically. Those who haven’t yet filed the return can still get the payment if they file before or on October 17.
Taxpayers will get the rebate in the same way they received their income tax refund.
“This $1.8 billion in tax relief is possible because Democrats balanced the budget, eliminated the bill backlog, funded schools, fixed roads – and through responsible financial decision-making – still found ourselves with a one-time surplus,” Gov. Pritzker said.
Property Tax Rebates: Who Will Get Them?
Along with the income tax rebate, Illinois is also offering property tax rebates to eligible homeowners. The rebate amount will equal the property tax credit taxpayers qualified for on their 2021 returns (with a maximum of $300).
To qualify for these Illinois stimulus checks (property tax rebates), residents must have paid property taxes in 2021 on their primary residence, and their AGI (adjusted gross income) must be $250,000 or less ($500,000 or less if filing jointly).
Property owners who completed the IL-1040 form will get the rebates automatically. Those who didn’t complete the form can still get the rebate provided they fill out the IL-1040 form by October 17.
Residents who qualify for both property and income tax rebates, will get the payment in a single deposit or check. Taxpayers can check the status of their payment by going to Where’s My Rebate? application.
This article originally appeared on ValueWalk
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.