Aquino, Senate Democrats, introduce tax relief plan to ease pain caused by inflation, COVID-19
04/01/2022
SPRINGFIELD. – State Senator Omar Aquino (D-Chicago) joined Senate Democratic colleagues to introduce a plan that provides tax refunds worth $1.8 billion to benefit most Illinoisans. The Pay It Forward Plan includes provisions to expand the state’s earned income tax credit (EIC) to support low-income families and includes people who use Individual Taxpayer Identification Number (ITIN.)
“The earned income tax credit is one of the most effective anti-poverty policies to help low-to-moderate-income families out of poverty through promoting work and expanding economic security,” Aquino said. “We are signaling to the most at-risk communities that we have not forgotten about them. It’s the working families in all corners of our state facing the struggles.”
Aquino’s measure is part of a comprehensive approach led by the Senate Democrats to ease the impact of high inflation and the effects of the COVID-19 pandemic. The legislative package includes temporarily eliminating state taxes on back-to-school shopping and stopping higher gas taxes, expanding the earned income tax credit, and property tax refunds statewide.
Senator Aquino’s provision of the package will increase the state’s earned income tax credit to 19% of the federal earned income tax credit. It also expands the credit to those who use an ITIN to file taxes and taxpayers aged 18-24 and 65, and older who would otherwise qualify for the federal earned income tax credit.
The legislation, Senate bill 1150, was filed in the Senate and is expected to be voted on in the coming days.
“The earned income tax credit is one of the most effective anti-poverty policies to help low-to-moderate-income families out of poverty through promoting work and expanding economic security,” Aquino said. “We are signaling to the most at-risk communities that we have not forgotten about them. It’s the working families in all corners of our state facing the struggles.”
Aquino’s measure is part of a comprehensive approach led by the Senate Democrats to ease the impact of high inflation and the effects of the COVID-19 pandemic. The legislative package includes temporarily eliminating state taxes on back-to-school shopping and stopping higher gas taxes, expanding the earned income tax credit, and property tax refunds statewide.
Senator Aquino’s provision of the package will increase the state’s earned income tax credit to 19% of the federal earned income tax credit. It also expands the credit to those who use an ITIN to file taxes and taxpayers aged 18-24 and 65, and older who would otherwise qualify for the federal earned income tax credit.
The legislation, Senate bill 1150, was filed in the Senate and is expected to be voted on in the coming days.
