This segment examines how the State of Illinois has been spending billions of dollars in revenue even in the absence of an FY2016 budget. Laurence Msall, President of the Civic Federation, notes that the impasse creates tremendous burdens for current and future citizens and taxpayers.
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow. In FY2017 the State of Illinois is projected to have an additional $631 million in General Funds revenues available compared to FY2016, the current fiscal year. The Governor’s FY2017 recommended budget shows a maintenance level of revenues totaling $32.3 billion, which represents resources available based on current law, compared to $…
Ed. note: Updated information on this topic can be found here. ----- Three years ago, this blog examined the impact of the housing market collapse on a specific property tax exemption, the Senior Citizens Freeze Homestead Exemption, or “Senior Freeze.” We found that in Cook County the value of the Senior Freeze exemption fell sharply between tax years 2009 and 2011 as home values fell. Since then, the trend has continued, with the amount of taxable property value exempted by the Senior…
This annual brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of May 1, 2016. It includes such taxes as the sales tax, amusement tax, lease tax, hotel tax, liquor tax, restaurant tax, soft drink tax, wheel tax and parking tax.
Consumers of electronic cigarettes in the City of Chicago and Cook County as a whole will pay new taxes in 2016. As part of their FY2016 budget processes the City of Chicago and Cook County both expanded their taxes on tobacco products to include liquid nicotine products, also known as e-cigarettes. New Tobacco Related Taxes The City of Chicago’s FY2016 budget originally included a tax on liquid nicotine products at the rate of $1.25 per product unit, plus an additional $0.25 per fluid…
This editorial discusses the eight-month Illinois budget impasse, calling on Illinois General Assembly leaders to aid in passing a budget. The Civic Federation’s State of Illinois FY2017 Budget Roadmap is cited as a reasonable blueprint for what the State’s budget might look like, including a mix of increased revenues and spending cuts.
This editorial features recommendations found in the Civic Federation’s FY2017 Budget Roadmap and discusses Illinois’ potentially bleak future if steps aren’t taken to address the State’s financial crisis. The Editorial Board calls the Federation’s recommendations “warnings” and notes that problems that are ignored do not disappear—they only grow worse.
This article highlights the Civic Federation’s FY2017 State of Illinois Budget Roadmap and its recommendations to help stabilize Illinois’ finances. Civic Federation President Laurence Msall speaks about the Federation’s comprehensive plan to address the State’s fiscal issues.
On January 25, 2016, the office of the Cook County Treasurer mailed the first installment of the property tax bill to all homeowners in Cook County which is due on March 1, 2016. The bill lists all taxing districts to which property taxes are paid. The Treasurer also provides taxpayers with debt and financial information for each taxing agency on the bill. In this blog, we provide an overview of the property tax levy and billing process and an explanation of the components of the first…
This article reports on the Civic Federation’s three-year plan to help stabilize Illinois’ budget. Laurence Msall, President of the Civic Federation, comments on the need for action and sacrifice to fix the State’s issues.
