Excerpts from wandtv.com:
Volunteer firefighters could receive a $500 tax credit starting next year. The plan is gaining strong support following the deadly dust storm pileup on I-55 last week.
Democrats and Republicans are coming together to back the proposed tax break. The Illinois Firefighters Association said Monday this could be a new incentive to address the critical shortage of volunteer firefighters. Sponsors said it will also be a thank you for dedication and hard work. The plan would apply to volunteer firefighters who serve at least nine months and make less than $10,000 each year.
Recent FEMA data show over 85% of fire departments across the state rely on volunteers and lawmakers say it would be catastrophic without them.
Sen. Neil Anderson serves as a professional firefighter in his district and stressed Senate Bill 2253 is the least lawmakers can do.
Sponsors said the tax credit would cost and estimated $10-$12 million annually. They hope it can be included in the Fiscal Year 2024 budget.
The General Assembly is scheduled to adjourn on May 19.
#1 by Drew Smith on May 11, 2023 - 8:43 AM
I’m glad it’s a tax credit rather than a tax deduction. With the IL income tax rate at 4.75 percent, that $500 translates into a $10,500 of one’s annual income being tax free.
#2 by crabbymilton on May 11, 2023 - 5:50 AM
I agree that it should be more but it’s still better than nothing.
#3 by Mike on May 10, 2023 - 3:12 PM
LOL… come on.. $500.00. How about maybe add another zero to it and it may be worth it.