The Illinois Estate tax is levied on net assets over $4 million of the estates of the deceased. Illinois does not have an inheritance tax, which is levied on assets received by the inheritors of an estate. Estate tax revenue is forecast to be $293 million in FY2019, of which 6% will go to the Estate Tax Refund Fund for overpayments. The remaining $275 million will go to General Funds, and…
Consumers of liquid nicotine in the City of Chicago will now pay more for liquid nicotine following the passage of Ordinance 2018-7371. Liquid nicotine products are used in e-cigarettes, also referred to as vaping. On September 20, 2018 Chicago Mayor Rahm Emanuel introduced Ordinance 2018-7371 to the City Council Finance Committee where it was passed by the Committee and within hours sent to and…
The Chicago City Council on July 25, 2018 approved a 2.0% surcharge on shared housing and vacation rentals in the City of Chicago. The 2.0% surcharge is in addition to an existing 4.0% surcharge on vacation rentals or shared housing units, bringing the total taxes specific to home sharing to 6.0%. The home sharing rates are applied on top of the City of Chicago’s composite hotel tax, which is 17.…
Cook County Clerk David Orr’s office released the 2017 Cook County Tax Rates report on June 20, 2018 and shortly after, Cook County Treasurer Maria Pappas mailed the second installment of the 2017 tax bills. The calculation of the tax rates for the 1,400 taxing agencies in Cook County is the final step before property tax bills can be issued. The second installment of the 2017 property tax bills…
Illinois Governor Bruce Rauner presented his FY2019 State budget proposal in February for the State fiscal year beginning on July 1, 2018. As discussed in an earlier blog post, the proposal included measures that would have affected local governments including municipalities, counties and transit agencies. The State of Illinois FY2019 enacted budget was passed by the Illinois General Assembly on…
This article discusses the findings of the Civic Federation’s Estimated Full Value of Real Property in Cook County: 2007-2016. In 2016, the last year for which data is available, the estimated full value of property in Cook County continued to increase, hitting $528.8 billion. However, that number is still below the pre-recession peak. Civic Federation President Laurence Msall said that though…
This article discusses Civic Federation recommendations from the FY2019 State of Illinois Budget Roadmap to expand the Illinois income tax to include federally-taxable retirement income and broaden the sales tax base to a number of services. The article points out that neighboring states also tax retirement income and services. Civic Federation President Laurence Msall said that tax increases…
The following news items cover the release of the Institute for Illinois' Fiscal Sustainability at the Civic Federation's analysis of the State of Illinois FY2019 Recommended Operating Budget. The Federation could not support Governor Bruce Rauner’s recommended budget because it is precariously balanced and its modest surplus relies on aggressive assumptions. Additionally, the…
Click here to read the full report. The Civic Federation’s Institute for Illinois’ Fiscal Sustainability is not able to support Governor Bruce Rauner’s recommended FY2019 budget because it is precariously balanced and its modest surplus relies on aggressive assumptions. Additionally, the proposal does little to address Illinois’ massive backlog of bills. While the Civic Federation is encouraged…
In a recent post, this blog analyzed the potential impact on State of Illinois revenues from replacing the current flat income tax rate with a graduated income tax. This post extends the analysis by looking at the effect of combining a graduated tax rate with the Civic Federation’s longstanding proposal to tax retirement income. As explained here, Illinois, like most states, bases its individual…
