Chambers All In for Economic Recovery Coalition Success in Spring Session
The spring session of the Illinois General Assembly concluded in the early morning hours of Saturday, April 9. The Chambers All In for Economic Recovery Coalition stayed keyed into the activity around our platform throughout the session. This note shares an update and celebrates our successes on each platform item. We encourage you to click on the links provided for additional information on the action.
Recap of the Spring Session of the Illinois General Assembly, Provided by State Representative56th District Michelle Mussman
The state received about $1.8 billion dollars above what had been anticipated ending 2022 and entering the 2023 budget year because of COVID related consumer spending, etc. We believe this is a one time surplus that should be used to benefit taxpayers and not made part of the base budget plan.
o We are suspending the grocery tax for a year, saving consumers $400 million
o We are freezing the gas tax for 6 months-saving consumers $70 million
o We are doubling the property tax rebate to save up to $300 per household
o We are increasing and expanding the Earned Income by adding 2% to the federal level. It will now cover people ages 18-25 and 65+, and ITIN filers are now included with refundable credit. This extremely effective program provides funding for low-income Illinoisans, and, by including ITIN filers, we are making sure it includes immigrants.
o To assist working-class parents as they manage the pressures of inflation, we are giving EIC tax filers additional one-time direct checks for $50 per adult filer and $100 for each of their children. (Income limits: $200,000 for individuals and $400,000 for joint filers)
o We are doubling the teacher tax credit for purchasing classroom materials and creating a back-to-school tax holiday for all consumers.
o $1 billion for Budget Stabilization Fund/Rainy Day Fund
o An additional $200 million pension payment, bringing the total pension payment over what is required to $500 million dollars and saving taxpayers more than $1.8 billion.
