Most Illinois taxpayers will be getting a tax rebate from the state soon — all you need to know

Most Illinois taxpayers will quickly be getting onetime income- and property-tax rebates from the state.

Distribution of the cash, which will probably be issued to qualifying Illinois residents, begins Monday.

However state officers say it might take eight weeks to get the cash to everybody who’s eligible.

Right here’s every thing else it’s essential know concerning the rebates:

Revenue-tax rebates

Who qualifies? It’s essential to have been an Illinois resident in 2021 with an adjusted gross earnings in your 2021 Type IL-1040 submitting underneath $200,000 for particular person filers and underneath $400,000 for many who filed as {couples}.

How a lot is the rebate? Taxpayers who filed their tax returns as a single individual will probably be eligible to obtain $50. {Couples} who filed joint returns are eligible to get $100. When you have dependents, there’s a further $100 per dependent, to a most of $300.

Property-tax rebates

Who qualifies? Illinois residents who paid state property taxes in 2021 on a main residence in 2020. Your adjusted gross earnings in your 2021 Type IL-1040 should be underneath $250,000 for particular person filers and underneath $500,000 for many who filed as {couples}.

How a lot is the rebate? It relies upon. It is going to be “equal to the property-tax credit score you have been certified to say in your 2021 IL-1040,” as much as $300.

How do I get the cash?

For taxpayers who filed 2021 Type IL-1040 and Schedule ICR, you don’t must do something. In case you received an income-tax refund, the state will ship the rebate the identical manner you acquired that. In case you didn’t get a tax refund, the state will mail a verify to the deal with in your tax return.

Why is the state doing this?

The cash is being given again underneath the Illinois Household Aid Plan, a $1.8 billion support package deal Gov. J.B. Pritzker signed into legislation earlier this yr.

If you wish to know extra

Extra particulars on issues like the best way to verify your eligibility and the standing of your rebate may be discovered on the Illinois Division of Income’s web site at https://www2.illinois.gov/rev/packages/Rebates/Pages/Default.aspx