The governor’s proposed budget would save approximately $600 million a year, by reducing the income tax revenue usually shared with municipal governments from 8 percent to 4 percent.
Mayors in the Chicago area were none-too-pleased when Gov. Bruce Rauner proposed cutting in half the amount of income tax revenue the state sends to municipal governments in Illinois, and they’re teaming up to let him know.
Gov. Pat Quinn’s offer to give cities a bigger cut of income tax revenues to help with pension debts without raising property taxes met with a lukewarm reception from the Emanuel administration.
Feeling hosed at the gas pump? So is the State of Illinois. Multiple agencies are finally starting to reap the rewards of a multi-year investigation targeting gas station owners who withhold sales tax revenue.
Mayor Rahm Emanuel is expressing concern after the city had to make up a $1.1 million dollar shortfall in tax revenue for renovations at U.S. Cellular Field and Soldier Field.
The state brought in about as much money as expected over the last fiscal year, thanks in part to personal and corporate income tax increases.