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Illinois Includes Stimulus Coming Soon: Who Would Get it and How Much?

By Aman Jain. Originally published at ValueWalk.

Illinois stimulus checks

To give some respite to residents from rising inflation and gas prices, many in Illinois could get a stimulus check soon. The proposal to give Illinois stimulus checks has been included in the spring session budget plan, which has now been approved by lawmakers. Apart from the Illinois stimulus checks, the budget plan includes several other provisions that would directly benefit residents.

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Illinois Stimulus Checks: Who Will Get It?

Last week, Governor JB Pritzker and Democrats in the Illinois House and Senate reached a deal on the state budget. The budget plan offers $1.8 billion in relief for taxpayers, including suspending tax on groceries for one year, freezing the motor fuel tax for six months, as well as offering a property tax rebate of up to $300 per household.

“Our plan delivers more than $1.8 billion in tax relief to Illinois residents, adds $1 billion to our state’s long-depleted Rainy-Day Fund, and doubles down on our efforts to make unprecedented investments in public safety,” Governor JB Pritzker said in a press release.

Along with these benefits, the budget plan also carries a provision to offer Illinois stimulus checks to state residents. Under the plan, individuals with income less than $200,000 ($400,000 for joint filers) will get $50 per individual, as well as $100 per child for up to three children per family.

Further, the budget plan also offers back to school tax relief for families and teachers. It also includes a $1 billion contribution to the Budget Stabilization Fund, $200 million for pension payout and over $200 million for public safety measures and law enforcement.

Pritzker noted that the “foundation laid over the past three years” has allowed Illinois lawmakers to put $1 billion into the state’s Rainy Day Fund, as well as an extra $500 million into pensions.

As of now, not many details are known about the Illinois stimulus checks, including the other eligibility requirements and when the checks will go out. We expect more information to follow now that the budget plan has been approved by the lawmakers.

More Relief For Residents

Though the Democrats in the Illinois House and Senate have reached a deal on the budget plan, many Republicans believe the plan could have been worked to offer permanent tax relief to residents.

In a statement, Senate Republican Leader Dan McConchie said, “Democrats are choosing to provide one-time checks and other temporary relief just before the election which expires right after the election.”

Despite the opposition from Senate Republicans, lawmakers passed the budget plan on Saturday. Lawmakers note that the 1% suspension of sales tax on groceries for the full new fiscal year could save taxpayers up to $400 million through July 1, 2023.

Moreover, the state’s fuel tax, which was scheduled to increase in July due to inflation, will remain the same at $0.39 a gallon through Jan. 1, 2023. This could save taxpayers about $70 million.

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