The relief will come in the form of a yearlong suspension of the 1% tax on groceries, a six-month freeze at 39 cents a gallon of the motor fuel tax, and a one-time property tax rebate of up to $300.
When the Illinois governor and legislative leaders announce they’ve reached a $45 billion deal, the smart money is that it’s a go. And in this instance that means that Illinois residents should expect to be refunded some of the money they’ve paid in government taxes.
“This is a budget that we can all be proud about,” Welch said. “It also responds to the difficult times that many people and families across this state find themselves in now with the rising cost of inflation. This budget will say ‘Illinoisans, we hear you.’” “This isn’t a triumph of good management; the state is simply experiencing an inflation-induced sugar high,” House Republican floor leader Mark Batinick of Plainfield said in a statement. “When the state crashes we will still have the same problems, but without the federal funds to bail us out. No structural changes have been made. No permanent property tax relief has been extended, and no regulatory relief has been implemented.
Such actions have prompted ratings agencies to reverse longtime trends of downgrading the state’s credit and there have been hints that another upgrade could be coming; the non-partisan Civic Federation also gave a mostly glowing review to the initial vision for Fiscal year 2023 that Pritzker released in February.
“As Gov. Pritzker is running for reelection, he’s used the avalanche of federal bailout cash to paint a rosy picture of the state budget,” House Deputy Republican Leader Tom Demmer said in a statement. “But the facts show a different story. This year’s budget increases spending by 8% on state operations, while revenues are projected to decline by 1% over the same period—which makes this budget framework untenable.”That’s not to say the GOP won’t vote for these measures.
“What do we want? Do we want permanent help for the people of Illinois? Or do we want more government spending?” Rose said.The Earned Income Tax Credit , a tax break available to low-income workers, will be extended, from 18% to 20% of the federal credit. New workers will also be eligible for the break.
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