Up To $700 Income, Property Tax Rebates Received In Illinois This Year

Up to $700 tax rebates were received by residents from Illinois since September. The tax rebates include those for individual income tax and property tax, says KHQA.

Income and Property Tax Rebates

On September 12, the first round of tax rebates was issued to residents across the state of Illinois. Due to the Illinois Family Relief Plan, the state has approved of the one-time payments to be issued to the residents. The one-time payments include two different tax rebates: one for individual income tax and another for property tax. The deadline for submission of the required paperwork to qualify was announced last October 17. Tax rebates will be received only by those who have filed their 2021 state taxes through the IL-1040 form.

Who has qualified for these tax rebates?

According to KHQA, to qualify for the individual income tax rebate, filers must be residing in Illinois since 2021. In 2021, individual filers must have earned an adjusted gross income of no more than $200,000 and joint filers must have no more than $400,000. The income tax rebates to be received by individual filers will be $50. For joint filers, on the other hand, they will receive $50 each. For filers who have dependents, they will receive an additional $100 for each dependent, with a limit of up to three dependents.

To qualify for the property tax rebate, filers must also be residing in Illinois since 2021. Filers must have paid 2021 property taxes for their main residences in 2020. In 2021, individual filers must have earned an adjusted gross income of no more than $250,000 and joint filers must have no more than $500,000. The property tax rebates to be received are equal to the property taxes filed on the 2021 tax returns. However, there is a limit of up to $300 only.