Stimulus checks 2022: Illinois one of 14 US states sending tax refunds to residents

Who is eligible, how much will you get, and when will the checks be dispersed?

Photo by Kelly Sikkema on Unsplash

(CHICAGO) There isn't much chance of federal stimulus checks coming back this year. However, 14 states, including Illinois, plan on giving back a portion of taxpayer money to their residents.

What is the Illinois Family Relief Plan?

The Illinois Family Relief Plan began on July 1. In addition to temporary tax cuts on groceries, gas, and school supplies, the plan includes income tax and personal property tax rebates for residents.

Property tax rebates

Eligible homeowners can receive a rebate equal to the amount of property tax credit they qualified for in 2021. The maximum amount is $300.

Homeowners with taxable income over $500,000 for married filed jointly and $250,000 for single filers will not get the rebate.

Income tax rebates

Individuals making less than $200,000 and married couples filing jointly making less than $400,000 will receive $50 income tax rebates for individuals and $100 for married filers. They also will get $100 per dependent.

For example, a family of four with a household income of less than $400,000 could receive a $200 check.

When will checks be sent out?

According to the Illinois Department of Revenue (IDR), rebates will begin to be issued the week of September 12 but will take a few months to distribute.

How will you get the money?

The IDR says that rebates will be sent to taxpayers through the original method that their income tax refund was sent.

You can go to the IDR frequently asked questions page for further details.

Chicago Moves Program

Chicago residents that have a household income at or below 100% of the area median income for the area can apply to receive a $150 gas cards and $50 transit cards through September. You can fill out an application here.

Will there be another round of federal stimulus checks?

Opinions on whether or not the federal government will provide Americans with another stimulus check should we head into a recession are divided, but most experts seem to think there won't be any arriving in 2022.

An article from CNET suggested that the government is unlikely to hand out more checks because it could fuel inflation.

Joseph Vavra, an economics professor at the University of Chicago told CNBC that yes, there is a concern handing out money could make inflation worse. But if things get very bad, he thinks stimulus checks may be a tool the government uses, "I think it’s likely they may be used again in future deep recessions,” Vavra told CNBC.

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