You could be leaving hundreds if not thousands of dollars on the table if you don't take advantage of new Illinois tax credits.

Illinois Tax Credits Could Save You Money This Year: What You Need to Know

As Illinoisans prepare to file their 2024 income tax returns, Governor J.B. Pritzker and the Illinois Department of Revenue (IDOR) remind taxpayers to check their eligibility for valuable tax credits.

These credits could reduce the amount owed or even boost refunds, according to a press release from IDOR.

Depending on circumstances, taxpayers may be able to reduce the amount of taxes owed or receive larger refunds through tax credits. I urge all taxpayers to double-check their eligibility status and take advantage of these benefits. -IDOR Director David Harris

Earned Income Tax Credit (EITC)

Designed for working individuals with low to moderate incomes, the Illinois Earned Income Tax Credit (EITC) mirrors the federal version.

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And if you qualify on the federal level, you're automatically qualified for the Illinois EITC. Unfortunately, many don't even claim it leaving millions of dollars unclaimed annually.

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individuals must meet income limits, have a valid Social Security or Individual Taxpayer Identification Number, and be at least 18 years old to qualify.

Illinois Child Tax Credit (CTC)

New for the 2024 tax year, the Illinois Child Tax Credit (CTC) benefits taxpayers who qualify for the EITC and have at least one dependent child under 12 years old.

This year, the credit equals 20% of the Illinois EITC and will increase to 40% in 2025.

Volunteer Emergency Worker Credit (VEW)

Volunteer firefighters and emergency service workers who applied and qualified for this VEW credit can claim it on a first-come, first-served basis.

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According to the IDOR press release, this program has expanded to include volunteers with county and municipal emergency services. A certificate is required and can be obtained through MyTax Illinois.

Education Expense Credit

Parents and guardians of full-time K-12 students can claim 25% of qualified education expenses exceeding $250.

Eligible expenses include tuition, book rentals, and lab fees, with a maximum credit of $750 per return. Home-schooled students qualify for book and lab fee credits.

Property Tax Credit

Homeowners who pay Illinois property taxes on their primary residence can receive a credit equal to 5% of the amount paid.

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To qualify for this rebate, taxpayers must own and live in their home, according to the Illinois Department of Revenue.

How to Claim Your Savings

Illinois taxpayers should check all eligible credits before filing their 2024 tax returns. IDOR assists its taxpayer helpline at 1-800-732-8866 or 217-782-3336. More information, forms, and instructions are available at tax.illinois.gov.

To find out more about all Illinois Tax Credits, CLICK HERE.

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