Illinois’ $46B spending package along with its temporary $1.8B in tax decreases begins today. The individual changes include the following.
Gas Tax Freeze
The planned tax increase to account for inflation will remain at its current level until the end of the year. This tax freeze will save you 2.4 cents per gallon for the next six months.
Next year there will be two tax increases to make up for the one they’re putting on temporary hold. If you fill up a 15 gallon tank twice every week, this will save you about $10 over the rest of 2022.
Sales Tax Freeze On Groceries
The 1% sales tax on groceries will also be suspended for the next six months. This tax freeze doesn’t apply to the purchase of candy, prepared foods, soda, alcohol, tobacco, grooming, or hygiene products.
Back To School Sales Tax Break
From August 5th through the 14th, sales taxes will not be collected on school supplies, shoes, and clothing items that are priced below $125. You’ll still have to pay sales tax on the new Christian Louboutins that you’ll buy for your daughter to go back to kindergarten.
One Time Payments
Single taxpayers earning less than $200K and married taxpayers below $400K will begin receiving checks from the state the week of September 12th. Residents will receive $50 per taxpayer and $100 per dependent child up to three children.
6.2M taxpayers qualify and it will take up to 8 weeks for the payments to go out. These payments should wrap up right before we go to the polls in November.
Property Tax Rebates
Single taxpayers earning less than $250K and married taxpayers with less than $500K in income will receive a property tax rebate of up to $300. The credit is 5% of your property tax bill.
This rebate is based on your 2021 income tax return. If you didn’t file a return last year, you can still apply for the rebate on the tax.illinois.gov website.
Let me leave you with this.
The only part of these provisions that’s permanent is an increase and an expansion of eligibility for the Illinois earned income tax credit. That’s right. They’re giving away even more of our money.
But I applaud any tax decrease even if it’s just a veiled attempt at buying votes during an election cycle. Congratulations. Bravo. I’ll take what I can get.
We have a three day weekend coming up to celebrate the birth of our great nation. Say what you want about America. Nightmare that she’s become, she’s still the greatest nation on the planet.
I’m still amazed at the bravery of our founding fathers. In signing the Declaration of Independence, they had to know that they were signing their death warrants.
Many did pass away in the Revolutionary War that followed. Those who made it through inherited an unruly child of a nation that had to be molded and formed into the greatest democracy to ever grace the earth.
Take a moment over the weekend to be thankful for the things you’ve been given by our forefathers. Their sacrifice was beyond measure.
Please also remember that there’s one thing about the Land of the Free and the Home of the Brave that many forget. Our democracy is resilient. We’ve gone through difficult times like this before and came out the other side stronger than ever.
We have a rocky road ahead. The next couple of years will be tough. But in the end, we’ll be just fine. May whatever God you pray to continue to bless our Great Land of Liberty.
*Words from our exceptional leadership