PA-102-0700 has been signed into law. This Public Act creates a Property Tax Rebate of 5% of a taxpayer’s property tax bill. The rebate will be the lesser of 5% of the property tax or $300.
The Property Tax Re ate is not allowed if the taxpayer’s adjusted gross income for the taxable year exceeds $500,000 for returns with a federal filing status of married filing jointly or $250,000 for all other returns.
The Public Act also incomes an Individual Income Tax Rebate. This rebate will be $50 for taxpayers or $100 for a jointly filed return. There will also be an additional rebate of $100 per dependent, with a maximum of 3 dependents. The Individual Income Tax Rebate is only allowed if the taxpayer’s adjusted gross income for the taxable year is less than $400,000 for returns with a federal filing status of married filing jointly or $200,000 for all other returns.
The Illinois Department of Revenue will begin issuing the rebate checks on July 5, 2022.