Stimulus Checks from Illinois: Eligible Residents to Get Income and Property Tax Rebate

If you are a resident of Illinois, then you may be eligible for some stimulus money next month. In April, the state approved two separate tax rebates under which eligible residents can get stimulus checks from Illinois of up to $700. It would be a one-time payment and the state is expected to start sending out the tax rebates next month.

Two Stimulus Checks From Illinois

In April, Gov. J.B. Pritzker approved the Family Relief Plan that includes sending one-time individual income tax and property tax rebates to eligible residents. The state is expected to start sending these stimulus checks from Illinois on September 12. Not everyone will receive the money in September as the distribution process is expected to take about eight weeks.

Under the income tax rebate, an individual filer could get $50, while those filing jointly can get $100. Additionally, taxpayers with dependents would get $100 per dependent (with a maximum of three). So, a couple with three dependents can get up to $400 in the form of an income tax rebate.

To qualify for the income tax rebate, the individual taxpayer’s income should be less than $200,000, while for joint filers the income limit is $400,000. Taxpayers also need to have been Illinois residents in 2021 to qualify for the money.

Those who filed the 2021 IL-1040 tax form will get the money automatically. Those who haven’t yet filed it have until October 17 to file their 2021 IL-1040. Additionally, those with dependents need to complete a Schedule E/EIC as well.

Property Tax Rebate: Who Will Get It?

Along with the income tax rebate, some residents can qualify for the property tax rebate as well. Eligible property owners can get a rebate that equals the property tax credit they claimed on their 2021 IL-1040 form, with a maximum limit of $300.

To qualify for the property tax rebate, property owners must have paid their Illinois property taxes in 2021 for their primary residence. Also, the adjusted gross income should be $250,000 or less for individual filers, and $500,000 or less if filing jointly.

Those who have filed their 2021 IL-1040 and Schedule ICR will get the rebate money automatically. Those who haven’t yet filed have until October 17 to file a Property Tax Rebate form (IL-1040-PTR) to get the rebate. Residents can submit Form IL-1040-PTR electronically through MyTax Illinois or submit a paper Form IL-1040-PTR.

Eligible taxpayers will receive the rebate amount through the same method that they got the original income tax refund. In case you didn’t get the refund, or didn’t file an Illinois income tax return, or have filed the property tax rebate separately, then you will get the rebate amount through a paper check.

For more information on the property rebate, visit this link.  You can check the status of your refund from this link.

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.