By Bob Katzen

The House 154-0, approved and sent to the Senate a $4.2 billion economic development package which provides $500 million one-time tax rebates to an estimated 2 million eligible people. A $250 rebate would go, by September 30, to individual taxpayers and a $500 rebate to married taxpayers. Eligibility will be determined by annual income reported in 2021, with the minimum income required to be $38,000, and the maximum $100,000 for individual filers and $150,000 for joint filers.

Beginning in 2023, several permanent tax reductions would take effect including increasing the Child and Dependent Care Credit from $180 per child to $310 per child, as well as eliminating the current cap of $360 for two or more children; increasing the Earned Income Tax Credit from 30 percent to 40 percent of the federal credit; increasing the Senior Circuit Breaker Tax Credit from $750 to $1,755; increasing the rental deduction cap from $3,000 to $4,000; and increasing the estate tax threshold from $1 million to $2 million.

Supporters said this one-time stimulus program, along with the Essential Premium Pay Program from earlier this year, means that nearly three million residents will have received direct payments totaling nearly $1 billion this year. They noted the package also includes making permanent changes to the state’s tax system that will provide over $500 million in relief every year going forward.”

(A “Yes” vote is for the bill).

Rep. Christine Barber Yes Rep. Mike Connolly Yes Rep. Erika Uyterhoeven Yes