CHICAGO – As Illinois continues to improve state finances, working families can expect to see more money in their pocket, thanks to support from State Senator Cristina Castro (D-Elgin) for the Fiscal Year 2023 budget and tax relief plan, which were signed into law Tuesday.

“Illinois taxpayers have been fed up with our state’s poor credit rating and financial stress for years,” Castro said. “Now, our state’s credit ratings are continuously improving and important social services are given the boost they need to provide for all Illinoisans.”

The FY 23 budget builds upon the responsible spending decisions over the last few years—allowing Illinois to make a $500 investment into the pension system and set aside $1 billion to the state’s Rainy Day Fund to support the state through economic challenges.

Additionally, a tax relief plan signed by the governor Tuesday provides additional relief to 95% of Illinois taxpayers through a one-time tax refund of $50 for individual filers and $100 for joint filers, as well as $100 per dependent up to three. Additionally, suspending the 1% state grocery tax is expected to save consumers $400 million, and pausing back-to-school supplies sales tax from Aug. 5 through Aug. 14 of 2022 will help save parents and teachers money and set children up for success.

“From property tax assistance, to fully finding our evidence based funding formula for school districts, the budget and tax relief plan will help Illinoisans get back on their feet,” Castro said. “I look forward to seeing all the ways these laws support organizations, state agencies, and most importantly, Illinois families.”

In addition to tax relief, the FY 23 budget includes funding for violence prevention and public safety through body camera grants, training programs and officer retention efforts and community-based programs that get at the root causes of violence.

The FY 23 budget and tax relief plan were signed by Governor Pritzker Tuesday. The budget goes into effect on the new fiscal year starting July 1 and the tax relief plan goes into effect immediately.