Illinois Tax Rebates

Published On: September 9th, 2022Categories: Taxes

As part of the Illinois Family Relief Plan, some Illinois taxpayers may be eligible to receive one-time individual income tax and property tax rebates. These are two separate rebates with separate qualifications.

Individual Income Tax Rebate
This rebate is $50 for single ($100 for married) taxpayers that lived in Illinois during 2021. Additionally, if you filed with dependents, you will receive a rebate of $100 per dependent, with a maximum of three dependents or $300.

Qualifications:

You lived in Illinois in 2021; and
Your adjusted gross income in 2021 was under $200,000 if you filed as single or $400,000 if you filed jointly.

How To Claim:

If you filed your 2021 IL-1040, you will automatically receive your rebate via the direct deposit on your 2021 return or a paper check if you did not receive a return.
If you have not filed for 2021 yet, you have until October 17, 2022, to file your IL-1040. If you have dependents, you must complete Schedule E/EIC, too.

Property Tax Rebate
This rebate is available to Illinois property taxpayers and is equal to the property tax credit you claimed on your 2021 IL-1040 with a maximum of $300.

Qualifications:

You were a resident of Illinois and paid Illinois property tax in 2021 on your primary residence in 2020; and
Your adjusted gross income in 2021 was under $250,000 if you filed as single or $500,000 if you filed jointly.

How to Claim:

If you filed your 2021 IL-1040 and Schedule ICR, you will automatically receive your rebate via the direct deposit on your 2021 return or a paper check if you did not receive a return.
If you have not filed yet, you have until October 17, 2022, to file a Property Tax Rebate form (IL-1040-PTR) to receive the rebate.

According to the State of Illinois, both rebates are expected to begin being issued the week of September 12, 2022. In addition, the State of Illinois has set up an FAQ site with complete details.

About the Author: Shelly Spata, CPA

Shelly Spata joined the firm in 1998, and her name went on the door in 1999. She now serves as the Managing Partner of the firm. "As a business owner myself, I understand the complexities and challenges business owners face, and I strive to add value by helping clients understand their financial statements, manage tax consequences, and clearly see the financial and tax ramifications — both positive and negative — of decisions they make," she explains. "Without good financial information, it’s like driving a car blind, but with good information, clients are able to maximize profits."