Gov. JB Pritzker will deliver his budget address on Wednesday. Pritzker is to propose a property tax rebate and a nearly $1 billion program of consumers relief measures that target at minimize the soaring inflation.
Illinois Family Relief Plan
According to WGLT.org, a proposal called the “Illinois Family Relief Plan” proposes suspending the 1 percent grocery tax for one year, suspending the automatic inflation-adjusted increase in the motor fuel tax, and granting property owners in Illinois a rebate of 5 percent on their property taxes.
Deputy Gov. Andy Manar told Capitol News Illinois in an interview, that as the economy has experienced record growth and that the state’s revenue expectations have diverged substantially, the country is suffering a spike in consumer price inflation.
Manar mentioned that this reduction in purchasing power has had a negative impact on working families in the state, which the governor acknowledges.
With the exception of stating that Pritzker’s incoming budget proposal will follow the same pattern as his past budget proposals, Manar declined to disclose many specifics about the upcoming budget plan.
The state’s improved budgetary management and higher-than-expected income growth, Manar added, have led Pritzker to believe the state can afford to deliver some tax relief to its citizens.
Property Tax Rebate
As reported by U.S. News and World Report, In addition, Pritzker intends to grant a property tax rebate of up to $300. Every property owner is eligible to get an income tax credit of up to 5 percent of the amount of property taxes they have paid. Single filers earning less than $250,000 per year may be eligible for a state rebate that may double their tax credit.
According to the report. estimates indicate that this will cost the state, which has one of the highest property tax rates in the country, approximately $475 million.
On Wednesday, Feb. 2, Pritzker will deliver both a state of the state and budget address. Live streaming is available on the audio-video page of the General Assembly.