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* Friday news dump press release…
Gov. Pritzker Takes Bill Action
Today, Governor JB Pritzker took the following bill action:
Bill Number: SB3268
Description: Annual Medicaid Omnibus. Contains rate increases for various healthcare services, professions, and facilities.
Action: Signed
Effective: Immediately
Bill Number: HB4582
Description: Bond Authorization Act of 2024. Increases bonding authority for General Obligation Bonds, Build Illinois Bonds and bonds issued by the Illinois Housing Development Authority.
Action: Signed
Effective: July 1, 2024
Bill Number: HB4951
Description: 2024 Revenue Omnibus
Action: Signed
Effective: Immediately, with some provisions taking effect July 1, 2024, January 1, 2025, and July 1, 2025.
The revenue omnibus contains tax hikes, continuing a tax hike that was supposed to expire and, among other things, this…
Under a measure championed by State Senator Omar Aquino, working parents in Illinois will be able to claim a state-level child tax credit on their income taxes starting next year.
“Parents shouldn’t have to struggle to provide basic necessities to their children,” said Aquino (D-Chicago). “The child tax credit will help families put money toward things that are becoming even less affordable – like groceries and school supplies – during these inflationary times. The rising cost of living makes it even more vital to get this economic relief to folks who need it.”
House Bill 4951 – the Fiscal Year 2025 revenue package – includes $50 million for a new statewide child tax credit, something Aquino has been fighting for over the past several years. Beginning next year, parents eligible for the Illinois Earned Income Tax Credit with at least one child under age 12 will receive the child tax credit – equal to 20% of the state’s EITC in 2025 and 40% of the EITC in 2026.
Analyses of the 2021 expansion of the federal child tax credit found that the benefit reached the most working families in U.S. history. In Illinois, the expansion is credited with reducing child poverty rates by over 45%.
The state child tax credit is a continuation of Aquino’s work getting money back into working families’ pockets to make a real impact on their lives. In 2022, he led the expansion of the Illinois EITC so the benefit includes new groups not previously covered – young adults, people over age 65 and filers utilizing an Individual Taxpayer Identification Number. Because the new measure is tied to Illinois EITC eligibility, these individuals will also qualify for the state child tax credit if they have children under 12.
“This additional help will provide meaningful financial relief for families while giving a boost to local economies,” Aquino said. “Study after study shows working parents who benefit from the child tax credit spend up to 80% of it immediately on goods and services in their local community. I’m proud of what we’ve done for families across the 2nd District and in Illinois with this measure.”
posted by Rich Miller
Friday, Jun 7, 24 @ 4:14 pm
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