Senate Republicans are seeking to deliver Illinois families much-needed tax relief through their recently announced package of tax reform proposals. These measures will provide the citizens of Illinois with permanent, substantive relief, instead of the temporary relief proposed by Gov. Pritzker during his Budget Address on Wednesday.
As part of the proposed tax relief package, Senate Republicans are calling for reforms that help address the growing concerns of inflation and skyrocketing consumer prices. These changes include the elimination of the state’s one percent sales tax on food and prescription drugs.
Another section of the Senate Republicans’ tax proposal is aimed at addressing the climbing price of gas. Senator Rezin supports a proposal that lowers the overall amount consumers pay at the pump, but also ensures that critical funding necessary for road improvements remains the same. This proposal includes lowering the 6.25 percent sales tax on gas/gasohol to 5.25 percent, while also increasing the Road Fund disbursement from 32 percent to 53 percent.
Additionally, the tax relief package being put forward would further help Illinois senior citizens by increasing the income tax exemption that they can receive on their Illinois income tax from $1,000 to $2,000.
Senate Republicans also seek to take on the issue of property taxes that has plagued the state for far too long, by calling for an increase in the state’s property tax income tax credit. Under this initiative, the tax credit would rise from 5 percent to 10 percent. The plan also allows voters who are subject to the Property Tax Extension Limitation Law (PTELL), the ability to go to referendum to lower their property taxes.
Senator Rezin says Illinoisans want and deserve true tax relief, not short-term gimmicks. She is hopeful that the Governor and Senate Democrats seriously consider the Caucus’ proposals as lawmakers seek to make Illinois affordable for all Illinoisans.