Taxes and Fees

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Forum on Municipal Fiscal Distress Looks at the Landscape After Detroit

The Civic Federation joined with the Federal Reserve Bank of Chicago on April 23, 2014 to co-host a conference on ways that municipalities in Illinois can avoid or resolve fiscal…

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Quinn floats new source for city pensions: Income tax

This article discusses Governor Quinn’s recent indication that he would consider increasing the share of State income taxes distributed to local governments if the 2011 income tax rates were made permanent. The Civic Federation recommended…

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Illinois General Assembly Passes Pension Reforms for Chicago

On April 8, 2014, the Illinois House of Representatives and Senate approved Senate Bill 1922,…

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Quinn Slams Emanuel’s Pension Bill

This segment discusses Governor Quinn’s opposition to the property tax component of Chicago’s recent pension reform plan for its…

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Chicago pension overhaul would boost tax revenue by $750 million

This article discusses the City of Chicago’s plan to restore 90% funded levels to its Municipal and Laborers pension funds by 2054 through a combination of property tax increases, increased employee contributions and lower cost-of-living…

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Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan

This article reports on a pension funding plan announced by the City of Chicago April 1 that would bring the Municipal and Laborers pension funds to a 90% funded level by 2054. Without reforms, both funds face insolvency within 9-17 years…

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Chicago Proposes Pension Funding Reform for Municipal and Labor Funds

Chicago Mayor Rahm Emanuel unveiled a proposal to stabilize the City’s underfunded Municipal and Laborers pension funds on March 31. The 40-year plan includes successive property tax increases to provide additional pension funding coupled…

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Illinois Governor’s Recommended FY2015 Budget Extends Income Tax Increases

On March 26, 2014, Governor Pat Quinn presented an FY2015 budget proposal for the State of Illinois that avoids a fiscal cliff by retaining temporary income tax…

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Quinn doubles down on tax hike gamble

This article discusses Governor Quinn’s FY2015 budget recommendation, which calls for making Illinois’ temporary income tax rate increases permanent to help finance education and pay down unpaid bills. It cites the Civic Federation’s…

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Illinois Governor Quinn Proposes Keeping Income-Tax Increase

This article follows Governor Quinn’s FY2015 Budget Address and plan to make Illinois’ temporary income tax increase permanent to generate more State revenue. It cites the Civic Federation’s…