Many Illinois residents may soon see checks in the mail or money in their bank accounts thanks to new income and property tax refunds.
Under Governor JB Pritzker’s Illinois Family Relief Plan, which was approved in April, one-time income and property tax refunds will be given to those who meet certain criteria, payments starting in less than a week.
Distribution of payments is expected to begin on September 12, but not everyone will receive their checks right away. Distribution will take about eight weeks, according to a press release from Illinois Comptroller Susanna Mendoza, whose office is managing the process.
Here’s what you need to know.
Income tax refund
The income tax refund provides that a single person will receive $50, while those filing taxes jointly should receive a total of $100, the Mendoza office said in a news release. Residents with dependents will receive reimbursement of up to $300 – $100 per dependent, with a maximum of three.
Income limits of $200,000 per individual taxpayer, or $400,000 for joint filers, will be attached to the checks, officials said. To qualify, you must have been a resident of Illinois in 2021 and meet the income criteria. Those who have completed the IL-1040 2021 tax form will automatically receive their refunds.
Those who have not yet filed a personal income tax return and completed the form can still apply for their refund by completing the online form. Residents with dependents must also complete the 2021 Schedule IL-E/EIC form.
Property tax refund
In addition to income tax refunds, some homeowners may receive additional assistance.
Qualifying homeowners will receive a refund equal to the property tax credit claimed on their 2021 Form IL-1040, with a maximum payment of $300. To be eligible, you must have paid 2021 Illinois property taxes on your primary residence and your adjusted gross income must be $500,000 or less if filing jointly. If you are filing alone, your income must be $250,000 or less.
The rebates will be distributed according to the method of sending your original income tax refund, according to the State of Illinois website. If you did not receive a refund, did not file an Illinois tax return, or are claiming the property tax refund separately, your refund will be mailed to you by paper check.
As is the case with income tax refunds, owners who have completed Form IL-1040 will automatically receive refunds. If you haven’t, you don’t have to worry.
Homeowners can still receive this refund as long as they complete Form IL-1040. To be eligible, you must submit the form by October 17.
If you did not receive a refund or if you received a refund by paper check, it may take longer for the refund to be issued, depending on state officials. Taxpayers who have not yet filed or submitted a Form IL-1040 will receive their refund upon review of the submission.
More information about both discounts, including frequently asked questions, can be found here.