DIRECT payments worth up to $700 have already begun rolling out in the state of Illinois, but there’s no need to worry for those yet to receive theirs.
The Illinois Family Relief Plan, which offers the one-time rebates to residents who meet certain criteria, was approved in April of 2022.
The state estimates that around six million Illinoisans will be eligible to receive the rebates.
Some residents will need to fill out a IL-1040 form to find out if they’re eligible for a rebate.
The deadline to fill out the form is October 17.
This means that those who still need to submit their forms have less than a month left to do it.
Payment distribution started at the beginning of September, but not everyone will receive their checks right away.
Distribution will take roughly eight weeks.
The plan offers rebates on both income tax and property tax to those who qualify.
Income tax rebate eligibility
The income tax rebate calls for a single person to receive $50, while those who file taxes jointly are poised to receive a total of $100.
Residents with dependents will receive a rebate of up to $300, which would break down to $100 per dependent, with a maximum of three.
Income limits for individual taxpayers is set at under $200,000.
If you’re filing jointly, your adjusted gross income must be under $400,000.
To qualify, you also must have been an Illinois resident in 2021.
Those who filled out the 2021 IL-1040 tax form will receive their rebates automatically.
Property tax eligibility
Qualified property owners will receive a rebate equal to the property tax credit claimed on their 2021 IL-1040 form, with a maximum payment of up to $300.
To be eligible, you must have paid Illinois property taxes in 2021 on your primary residence and your adjusted gross income must be $500,000 or less, if filing jointly.
However if filing as a single person, your income must be $250,000 or less.
Rebates will be distributed in the method that your original income tax refund was sent.
If you did not receive a refund, did not file an Illinois income tax return, or are requesting the property tax rebate separately, then your rebate will be sent by paper check.
Just like the income tax rebates, property owners who completed the IL-1040 form will receive rebates automatically.
For more information or to check on the status of your rebate, you can visit tax.illinois.gov/rebates.
Other states providing aid
States are offering a helping hand to cash-strapped Americans amid inflation.
Officials in Rhode Island are sending automatic rebates to about 115,000 taxpayers.
Parents who filed their taxes before August 31 should get the child tax credit (CTC) in October.
Families will get $250 per child up to a maximum of three kids, meaning some families will get a max rebate of $750.
Single taxpayers were required to have an income of $100,000 or less while the threshold for joint filers was $200,000.
Meanwhile, officials in Connecticut started sending out CTC payments worth $250 in late August.
Eligible families will get checks of $250 per child, capped at three kids.
Governor Ned Lamont’s office announced that 238,668 families applied ahead of the July 31 deadline.
Meanwhile, Alaskans will receive a $2,550 payment from the Permanent Fund, which pays a dividend of the state’s oil wealth to residents every year.
This year’s payout is the highest dividend the Permanent Fund has disbursed since its creation in 1982, according to state data.
Dividend amounts have only exceeded $2,000 twice before, in 2015 and 2008.
Hawaii recently resumed sending out payments after a minor setback halted the process.
The Sun also reported on the expiration of a pandemic rule that could impact your savings.