(The full content of this article is only available to the publication’s subscribers.) This article discusses the scheduled expiration of Cook County’s Alternative General Homestead Exemption or “7% cap” which was created in response to a rapid increase in housing values beginning in 2000. The Civic Federation says the expiration of the 7% cap is unlikely to impact tax bills for the average homeowner because declining residential property values make it unlikely many residences will…
Governor Pat Quinn has proposed eliminating several corporate tax incentives to help pay down the State’s backlog of unpaid bills that is expected to total $7.5 billion at the end of the current fiscal year. The Governor’s proposal would eliminate three rules that allow corporations to reduce tax liabilities and would increase State corporate income tax revenues by an estimated $445 million annually. The funds generated from the changes would then be deposited in a new special account and used…
(The full content of this article is only available to the publication’s subscribers.) This article profiles the City of Chicago’s economic vitality in relation to surrounding areas and focuses on population, retail activity, tax revenue, business location and household income. It cites the Civic Federation’s report, Estimated Full Value of Real Property in Cook County: 2001-2010, which found a 24.8% increase in the estimated full value of property in the City of Chicago in the last decade.
This editorial discusses Illinois’ financial crisis in the context of the income tax increase enacted in 2011 and scheduled to partially rollback on January 1, 2015. It cites the Civic Federation’s State of Illinois FY2014 Budget Roadmap, which projects Illinois’ backlog of unpaid bills to reach $22 billion by FY2018 unless action is taken to curb rising pension costs.
This brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of January 1, 2013. It includes such taxes as the sales tax, gas tax, amusement tax, lease tax, hotel tax, liquor tax, restaurant tax, soft drink tax, wheel tax and parking tax.
This blog examines some of the long-term obligations of the City of Chicago and its overlapping local governments using a per capita indicator based on bonded debt and unfunded pension liabilities. Rating agencies and other financial analysts commonly monitor overlapping direct debt trends as an affordability indicator when governments consider debt issuance. The indicator reflects the premise that the entire population of a jurisdiction benefits from and bears the cost of infrastructure…
State urgently needs long-term plan to address rising pension and Medicaid costs, loss of income tax revenues (CHICAGO) – An analysis released today by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability shows the State of Illinois is on track to accumulate nearly $22 billion in unpaid bills by FY2018 unless action is taken to curb rising pension costs and plan for increases in the Medicaid program. The five-year projections in the Federation’s FY2014 Budget Roadmap are…
Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. The FY2014 Roadmap includes a review of Governor Quinn’s three-year budget plan, a rough five-year budget projection for FY2014 to FY2018 and recommendations for the Governor and General Assembly to improve the state’s financial condition. The analysis shows the State on track to accumulate…
This article discusses pension reform legislation introduced by State Representative Lou Lang. The legislation would increase employee contributions and the retirement age while making the State’s temporary income tax increase permanent and calling for 80% funding of the pension systems in 50 years. The Civic Federation said an actuarial analysis by each of the State’s pension funds is necessary to determine potential savings of the plan.
In the past year, Chicago residents have experienced several increases in the taxes imposed on cigarette and tobacco purchases. The new rates are shown in the following chart and are described in more detail below. (Click to enlarge.) Cigarette Tax (per pack) Cigarette packs have 20 cigarettes. State and local laws specify tax per cigarette, but per pack is used here for simplicity. On April 1, 2009, the federal tax on cigarettes increased by $0.62 to $1.0066 per pack. Effective June 24,…
