Rep. Bos Legislation Creates Tax Savings for Families

LAKE ZURICH - State Representative Chris Bos (R-Lake Zurich) has filed three pieces of legislation to help provide relief for Illinois families in the form of tax savings. Bos' legislation targets both the immediate need for relief as the country is experiencing record-high inflation not seen in decades and creates longer-term tax-saving benefits for families.

"The record-high inflation we are seeing is doing real damage to household incomes. Without action, families will take another hit when the gas tax automatically goes up again this summer," said Bos. "That's why I've filed legislation to suspend the automatic increase in the gas tax for two years. It's not just about the pain felt at the pump, higher gas prices also drive up the cost of basic goods we all rely on because it drives up transportation costs. Suspending the gas tax increase is a no-brainer that will provide relief to families."

As Bos noted, House Bill 5215 would suspend the automatic Consumer Price Index increase to the state gas tax for two years should it become law. Bos also noted that better than expected state revenues, combined with an influx of federal dollars, will offset the freeze to the gas tax.

Bos' other two pieces of legislation directly target the most pressing tax issue faced by residents of Illinois - high property taxes. House Bill 4834 extends the community stabilization assessment freeze pilot program while expanding its access and creating a pathway for voters in every county to enact the tax-saving initiative via referendum if the chief county assessment office does not take action. The program essentially creates a freeze on the taxable value of improvements or repairs to residential property for ten years. To prevent drastic spikes in the taxable value of homes, House Bill 5217 changes the sales ratio process to include the 5 most recent years for determining property value instead of only three years.

"While freezing the gas tax increase will create near-term tax savings for families, we have to deal with property taxes, the number one issue crushing family budgets in Illinois," said Bos. "Inflation can have just as negative of an effect on property taxes as anything else. The bills I've filed this session directly target peaks and valleys in property taxes that inflation can cause and puts the power in voters' hands to enact a property tax freeze via referendum.

"High taxes should never be the reason a family can't make ends meet and I hope my fellow members of the General Assembly will help advance these bills to ensure families can keep more of their hard-earned money in their pockets."

For more information about the legislation Bos has filed, visit RepBos.com.