The Illinois state tax on gasoline will jump to 45.4 cents per gallon on July 1 and remain at the rate through June 2024, according to the Illinois Department of Revenue. This will be the second gas tax increase for Illinois residents in 2023. In January 2023, the gas tax increased to 42.3 cents per gallon. The yearly increase is tied to the Consumer Price Index from the U.S. Department of Labor which for 2023 is 7.41%. As such, the cost of gasoline will jump by more than three-cents per gallon on July 1 simply due to the Part A fuel tax increase which will go from $0.423 per gallon to $0.454.
In order to make up for Illinois shortfalls on revenue needed there are more tax hikes for Illinois residents.
Other tax hikes in Illinois include:
– State grocery tax. One penny tax increase on every dollar spent on groceries.
– A 7% increase on fuel taxes. .45 cent increase for gasoline and .53 cent for diesel.
– In Chicago the minimum wage rises to $15.50 per hour.(For businesses with 21 or more employees; $15.00 per hour with 4+ employees)
– Dying cost more a fee for cremations double as the price of a permit for cremation doubles from $50.00 to $100.00
– Local sales tax increasing in several communities. Barrington up 1%, Naperville up .05%, St. Charles up .05%, Winfield up 0.25%
– Rental Housing Support Act increase surcharge on all county recorder real-estate documents from $9.00 to $18.00 dollars.
– Increase in property taxes. The owner of a $450,000 home will likely pay about $450 more in property taxes (a 4% increase)
– Governor Pritzkers Mileage Tax on Truckers and Farmers vehicles.
Farmers and truckers are required to get a Illinois Mileage Tax – Schedule Bond is a type of surety bond that varies in cost and depends on the credit score of the applicant. Sometimes, personal or business financials may be required depending on what surety amount is needed for bonding purposes.
