Springfield’s democratic lawmakers announced a new budget deal, with more than $ 1.8 billion in tax breaks for Illinois taxpayers, including direct checks, food tax suspensions, and state fuel tax freeze.
According to Governor JB Pritzker and Democrat leaders in the Illinois Legislature, the new budget will be rebalanced, with $ 1 billion allocated to the state fund for rainy days and $ 1.8 billion in tax breaks for taxpayers.
“I want to thank Senate President Don Harmon and House of Representatives President Chris Welch for being true partners in devising a responsible, compassionate budget,” said Pritzker. “Over the past few weeks, and especially in the last 48 hours, we have committed ourselves to real give and take which has led to a real compromise and it has sincerely helped us that we have all entered the process with a commitment to fiscally responsible spending. a plan that improved our state’s finances and helped our people in our hour of real need.
According to lawmakers, the state’s 1% grocery sales tax will be suspended throughout the new fiscal year, which officials say will save taxpayers up to $ 400 million by July 1, 2023.
The state fuel tax, which was expected to increase in July due to inflation, will be frozen at $ 0.39 per gallon until January 1, 2023, with taxpayer savings of $ 70 million.
According to Governor JB Pritzker, the budget will be budgeted with the extension of the state income tax credit.
Finally, families will receive direct checks from the state until the budget is approved. Each person will be eligible for a check of up to $ 50, and households will also receive $ 100 per child.
The checks will be accompanied by income limits of $ 200,000 per taxpayer or $ 400,000 per joint support, according to officials.
Illinois Democrats praised the new budget for its impact on taxpayers and commitment to the balance the state has struggled with for decades.
“We paid the bills, improved our creditworthiness, invested in our priorities, and had the ability to send the money back to the taxpayers,” said Don Harmon, president of the Illinois State Senate. “As the governor said, a responsible, balanced budget was essential. We have it.”