SPRINGFIELD – The federal Internal Revenue Service determined late last week that Gov. JB Pritzker’s election-year tax rebates are not taxable by the federal government, and Illinois taxpayers will not need to report these payments on their 2022 income tax returns.
In other news, the Illinois Manufacturers’ Association has opened the 2023 Makers’ Madness contest for the title of The Coolest Thing Made in Illinois. Nominations can be made on IMA’s website until Feb. 19.
Income from Pritzker’s Election-Year Tax Rebate Checks Not Federally Taxed, IRS Announces
The Internal Revenue Service (IRS) is now telling Illinois taxpayers to go ahead and file their 2022 tax returns. This comes after the federal agency was encouraging Illinoisans to hold off on filing until they could determine whether the special, one-time property tax and/or income tax refund checks sent to individuals by the state of Illinois last year were taxable by the federal government.
The refund checks in question were the ones that most Illinoisans received last fall and were part of Gov. Pritzker’s temporary “tax relief” plan. This plan received sharp criticism from State Sen. Dave Syverson (R-Cherry Valley) as an election-year gimmick by the Governor. At a time when the Governor had the opportunity to provide permanent, long-lasting relief, he instead chose to issue one-time payments that arrived in the mail right ahead of his 2022 election.
The income tax rebate checks were sent to those who earned less than $200,000 for individual filers, and less than $400,000 for joint filers. Single filers received $50 and joint filers received $100, and those with dependents received $100 per dependent up to $300. The election-year plan also sent property tax rebates up to $300 to homeowners.
The IRS determined late last week that these payments are not taxable at the federal level and that taxpayers will not need to report these payments on their 2022 tax returns.
IMA Opens Contest for ‘The Coolest Thing Made in Illinois’
On Feb. 2, the Illinois Manufacturers’ Association (IMA) opened its fourth annual Makers Madness contest. In a search to find and declare “The Coolest Thing Made in Illinois,” residents are allowed to nominate and then vote on their favorite product made by Illinois manufacturers.
Nominations for “The Coolest Thing Made in Illinois” are open until Feb. 19, and residents are not limited in the number of products they can nominate. All nominations must be submitted online, and must include the name of the product, the name of the manufacturer, link to the product/manufacturer’s website, and the name, email, and a telephone number of the person making the nomination.
Other than the fact that the product must be made in Illinois, there are no limitations on which products can be nominated. Any product from any sector of the manufacturing industry will be accepted; however, only one product from each company will be allowed from the Nomination Round into the First Round of bracket voting. Nomination voting will begin Feb. 21 and all can cast up to five votes per each day nomination voting is open. The winner of the title of “The Coolest Thing Made in Illinois” will be announced March 29.
Last year’s winner of the popular contest was the all-electric R1T truck made by Rivian, which is manufactured in Normal.