Member of Russell Bedford International, a global network of independent professional service firms.
You may have heard that the Illinois House and Senate recently passed the Illinois Family Relief plan. Under the plan, one-time individual income and property tax rebates will be issued to taxpayers who meet certain requirements.
Rebates are expected to begin being issued the week of September 12. If you have not/are not receiving a refund or received a paper check refund, it may take longer for the rebate to be issued.
Keep reading to see if you are eligible to receive one or both of these rebates.
If you were an Illinois resident in 2021 and your adjusted gross income on your 2021 Form IL-1040 is under $400,000 (if filing jointly) or under $200,000 (if filing as a single person) you are eligible for a rebate.
If you filed as a single person your rebate is $50, married couples filing jointly will receive $100 ($50 per person). If you have dependents, you will receive a rebate of up to $300 — $100 per dependent, with a maximum of three.
If you have filed your 2021 IL-1040, you will automatically receive your rebate. If not, you have until October 17, 2022 to file your 2021 IL-1040. If you have dependents, you also must complete Schedule E/EIC.
You are eligible for a property tax rebate if you are an Illinois resident who paid Illinois property taxes in 2021 on your primary residence in 2020, and your adjusted gross income on your 2021 Form IL-1040 is $500,000 or less (if filing jointly) or $250,000 or less (if filing as a single person).
Your rebate amount is equal to the property tax credit you were qualified to claim on your 2021 IL-1040, up to a maximum of $300.
If you have filed your 2021 IL-1040 and Schedule ICR, you will automatically receive your rebate. If not, you have until October 17, 2022 to file a Property Tax Rebate form (IL-1040-PTR) to receive your rebate.
Submit Form IL-1040-PTR electronically through MyTax Illinois or submit a paper Form IL-1040-PTR.
Contact the tax experts at Cray Kaiser by calling 630.953.4900 or by filling out this form if you have any questions or need assistance with these rebates