Pritzker, Illinois Democrats' budget agreement provides $1.83 billion in tax relief for working families, governor says
SPRINGFIELD, Ill. (CBS) -- Illinois Gov. JB Pritzker and Democratic leaders in the state General Assembly have reached a deal to put money back in your pocket.
Pritzker touted that the Fiscal Year 2023 budget agreement provides $1.83 billion in tax relief for working families.
The budget suspends the tax on groceries for one year, freezes the gasoline tax for six months, doubles the property tax rebate of up to $300 per household, and permanently expands the earned income tax credit. It also provides direct checks to working families – $50 per individual and $100 per child for up to three children per family. The income limits for these direct checks are $200,000 for individual filers and $400,000 for joint filers.
The budget also provides back-to-school tax relief for families and teachers.
Pritzker also touted that the budget provides $1.2 billion for long-term fiscal stability – with $1 billion for a Budget Stabilization Fund, and another $200 million pension payment. This pension payment brings the total state pension fund over what is required to $500 million and saves taxpayers more than $1.8 billion, Pritzker's office said.
The budget further invests more than $200 million in support for public safety measures, so police can prevent and solve crimes and strengthen investments in violence prevention programs, Pritzker's office said.
"For the past three and a half years, my partners in the General Assembly and I have worked to right this state's fiscal ship and ensure state resources are responsibly directed to government's fundamental purpose: uplifting working families," Gov. Pritzker said in a news release. "Today, leaders in both chambers have come to an agreement on yet another responsible, balanced budget that does just that. Our plan delivers more than $1.8 billion in tax relief to Illinois residents, adds $1 billion to our state's long-depleted Rainy-Day Fund, and doubles down on our efforts to make unprecedented investments in public safety."
The budget is practically a done deal, but still has to pass the full Democratic-controlled Illinois General Assembly.
