Taxes and Fees

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Chicago Public Schools’ Finances Remain Precarious

This week, Chicago Public Schools released its FY2013 Comprehensive Annual Financial Report for July 1, 2012 to June 30, 2013. In it, the District reports a year-end FY2013 deficit of $119 million that was closed using fund balance. This…

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Illinois Law Requires New Revenue Diversions from General Funds in FY2015

It is widely known that the State of Illinois faces a dramatic reduction in general operating revenue starting on January 1, 2015, when…

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City of Chicago to get more Revenue from Amusement Tax in FY2014

As noted in many media reports and in the Civic Federation’s analysis of the City of Chicago’s FY2014 budget, the City balanced its budget in part with a number of targeted revenue enhancements. One of these revenue enhancements was a…

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Improved Revenue in Current Year Means Steeper Cliff to Come

At a recent committee hearing, Illinois lawmakers were provided with a mixed message regarding the economy and State budget for the coming fiscal year. Officials from the Illinois Department of Revenue explained that although the State…

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Preckwinkle resurrects plans to redevelop shuttered Cook County Hospital

Cook County Board President Toni Preckwinkle recently announced plans to revisit redevelopment of the 100-year-old Cook County Hospital building, which closed when John H. Stroger Jr. Hospital opened as a replacement facility in 2002. The…

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Madigan proposes cutting Ill. corporate income tax

This segment covers a proposal that was announced by House Speaker Michael Madigan on January 30 to cut Illinois’ corporate income tax in half. The Civic Federation said the proposal lacks a clear plan to address the loss of $1.5 billion…

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Selected Consumer Taxes in the City of Chicago

This brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of January 10, 2014. It includes such taxes as the sales tax, gas tax, amusement tax, lease tax, hotel tax,…

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Chicago homeowners get tax break relative to burbs

This article discusses the release of the Civic Federation’s annual report that compares effective property tax rates for residential, commercial and…

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Higher Tax Rates in Effect for Chicago Tobacco Consumers

Since the Civic Federation’s last blog on changes to taxes imposed on tobacco purchases, Chicago area local governments have increased tobacco…

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Governor's Budget Projection Shows Illinois' Continuing Financial Woes

Despite savings from recently enacted pension reforms,…