Several aldermen on Friday urged Chicago’s chief financial officer to dip into the city’s $900 million savings account to wipe out the massive budget shortfall caused by the coronavirus pandemic.
Chicago’s chief financial officer warned aldermen Monday that taxing big firms and financial transactions would not help dig the city out of a massive budget hole caused by the coronavirus pandemic.
In the November election, Illinoisans will be asked whether or not to change the state’s income tax system to a graduated tax — but there’s still a lot of confusion about the proposal.
Tuesday marks the beginning of a payroll tax holiday — but don’t get too attached to the extra cash. It’s due back in April. Here’s what you need to know.
The growing share of city property taxes sent to tax increment finance districts is sure to fuel the argument over whether the districts actually spur redevelopment and eradicate blight or exacerbate growing inequality in Chicago.
As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. Taxpayers must file or seek an extension by the new deadline or face a penalty.
Cook County Board President Toni Preckwinkle backed an effort Wednesday to give property owners a bit of financial “breathing room” by waiving late fees on second-half property tax bills due Aug. 3.
In a move aimed at softening the economic impact of the novel coronavirus, Illinoisans will have an additional three months to file their state taxes. Gov. J.B. Pritzker made the announcement as the state reported it’s largest single-day jump in COVID-19 cases.
The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic.
With the acknowledgement that “our choices remain hard, our fiscal situation challenging,” Illinois Gov. J.B. Pritzker on Wednesday delivered his proposal for a $42 billion state spending plan for the coming fiscal year.
Come summer, people buying cannabis in Chicago will pay 6% in local pot taxes, in addition to the state tax on pot, which ranges from 10% to 25%, depending on the potency of the product being purchased.
A bipartisan task force was established last spring to tackle the issue of the state’s high property taxes. But that task force is now being attacked by Republicans, who say their ideas and contributions have been ignored. Is that the case?
Illinois’ income tax will hold steady in 2020 and despite warnings from Mayor Lori Lightfoot, Chicago’s new budget avoids a major property tax hike. But before you go on a holiday shopping spree, a word of caution.
Starting Jan. 1, parking meter rates will increase across Chicago, peaking at $7 per hour in the Loop. While the city doesn’t collect that revenue, Mayor Lori Lightfoot’s administration estimates it will save $7.9 million with the plan. Here’s how.