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Chicago To Receive $150 Tax Rebates Under $18.4 Million Excess Budget

Tax Rebates
Tax Rebates

Residents of Chicago, Illinois will be receiving $150 in tax rebates under the $18.4 million excess in budget. These tax rebates are expected to utilize only $2.8 million of the excess.

Tax Rebates

Tax Rebates

Chicago City Mayor Tom Daily has initially proposed to issue tax rebates of $150 to the residents of Schaumburg village in Chicago, Illinois. This proposal has been made possible due to the $18.4 million excess from the general fund of Chicago’s Northwest Suburbs. This general fund was fueled after recuperating from the COVID-19 pandemic.

According to Russo, the tax rebates have been approved by Schaumburg’s trustees this week. The tax rebates have already been signed and sealed and are already about to be issued. Only $2.8 million of the excess is expected to be utilized for these tax rebates.

READ ALSO: 23 U.S. States To Increase Minimum Wage To $15 Per Hour— Check To See If Yours Is On The List!

Who is eligible for these tax rebates? 

According to Russo, to be eligible for these tax rebates, an applicant must be a homeowner in Schaumburg village. All eligible homeowners will receive the same amount of $150 in tax rebates no matter their income, property value, or taxes that have been paid. Around 18,500 recipients are expected to receive the tax rebates. The payments will be issued in batches which means that they will not be issued all at once. These tax rebates are only a one-time payment to assist the residents of Schaumburg village in dealing with the rising inflation. Unfortunately, landlords and renters are not eligible.

READ ALSO: 8 Factors That Might Affect Tax Refunds- Here’s What You Should Know!

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