What is in Gov. J.B. Pritzker's tax relief plan, and how might it affect you?

It's an election year for Illinois Gov. J.B. Pritzker, and his $45.4 billion budget proposal is sure to be a big talking point as he hits the campaign trail.

Photo by Jack Prichett on Unsplash

(ILLINOIS) At the beginning of this month, Gov. Pritzker unveiled his $45.4 billion budget proposal that offers some temporary tax relief for Illinois citizens.

His family relief plan included in the budget has some key features many voters will be looking for, such as increasing funding for violence prevention and education and reducing taxes for groceries and gas.

Pritzker took to Twitter to announce, "Today, I am proud to say that Illinois’ budget is stronger than it has been in decades. I am proposing a budget that delivers tax relief to families, pays down our debt and saves for a rainy day."

Of course, the governor (and his plan) have its critics. House Republican Leader Jim Durkin told WTTW, "the governor likes to talk about the great picture of Illinois, but there are no structural reforms anywhere."

What's in the plan?

• A freeze on the state's 1% tax for groceries.
• A freeze on the planned increase of the gas tax.
• A one-time property tax rebate payment for homeowners of 5% of paid property taxes (up to $300 for those eligible.)

How much could the average household save?

• Groceries: The typical family of four in Illinois spends about $8,674 per year on groceries. This would be about an $87 savings per year.
• Gas: Tax rates are set to go up by 2.2 cents per gallon starting this year. A driver filling their 15-gallon tank once a week could save 33 cents per fill-up. This works out to be about $17 savings per year.
• Property taxes: This varies widely based on which county you live in, but the average Illinois homeowner pays $4,527 per year on property taxes. A 5% rebate would give the average homeowner about $226 savings for the year. (The rebate would cap at $300 per year.)

Total savings for an average Illinois family of four owning a home, filling their gas tank up about once a week, and spending around $700 per month on groceries, would probably be about $330 for the year.

You can see full details of the Proposed Budget Plan here.

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