•April 27, 2022•
By Capital News Illinois

Gov. JB Pritzker signed his final first-term budget into law Tuesday, a roughly $46 billion spending plan buoyed by pandemic-driven revenue windfalls and a current-year surplus that helped the state pay down debts and offer temporary tax relief.
The plan includes $500 million beyond statutory requirements to the state’s beleaguered pension funds; $1 billion to the state’s “rainy day” fund which currently has a balance of just $27 million; and an estimated $1.8 billion in tax relief, much of which is temporary.
The budget also includes a one-year suspension on the state’s grocery tax ($400 million), A one-time 5 percent property tax rebate up to $300 per household ($520 million), and a 10-day sales tax holiday for back-to-school items and clothing from Aug. 5-14 ($50 million).
Another $685 million would fund one-time direct rebate checks at $50 per individual and $100 per dependent, up to three, for individuals earning $200,000 or less or joint filers earning $400,000 or less.     Login or Subscribe to read the rest of this story.