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Taxes and Fees

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Pain of FY2014 CPS Budget Reflects District's Failure to Push Pension Reform

(CHICAGO) In an analysis released today, the Civic Federation withholds support for the Chicago Public Schools (CPS) proposed $6.6 billion budget for FY2014, which closes a $977 million budget deficit with a complete drawdown of…

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New Cigarette Taxes Exceed Medicaid Funding Goals

An increase in the cigarette tax increase designed to provide additional funding for the Illinois Medicaid program generated more revenues than expected despite a drop in sales and hoarding of tax stamps prior to the effective date of the…

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Civic Federation heaps praise on City Colleges

This article summarizes the Civic Federation’s support for the City Colleges FY2014 tentative budget. The budget holds the property tax levy flat, reduces unrestricted…

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City Colleges of Chicago FY2014 Tentative Budget: Analysis and Recommendations

The Civic Federation supports the City Colleges tentative FY2014 budget totaling $657.0 million for continuing the District’s exemplary work to improve its financial and operational health. The FY2014 proposed budget holds the property tax…

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Civic Federation Supports City Colleges FY2014 Budget

Proposed budget holds property tax levy flat and prepares for State’s uncertain fiscal outlook (CHICAGO) In an analysis released today, the Civic Federation supports the City Colleges of Chicago’s proposed FY2014 budget of $657.0 million…

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Second Installment Tax Year 2012 Cook County Property Tax Bills Sent Out This Week

Second installment property tax bills for Cook County residents were mailed out this week, the second year in a row that they have been sent out on time. Between at least tax year 1977 and tax year 2011, second installment bills were sent…

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Internet Sales Tax Legislation Does Not Automatically Apply to Illinois

Many cash-strapped states are looking to a proposal in the U.S. Congress to help collect sales taxes on internet purchases. The legislation could lead to a windfall in recaptured state sales tax revenues but currently would exclude…

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The Final 2012 Cook County Equalization Factor is 2.8056

The Illinois Department of Revenue has announced that the final equalization factor for the Cook County 2012 property assessment year (taxes payable in…

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State of Illinois FY2014 Recommended Operating and Capital Budgets: Analysis and Recommendations

The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However…

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Civic Federation Supports Governor's Budget Proposal as a Stopgap Until Passage of Compresensive Pension Reform

State's pension costs to consume nearly 25% of State-source revenues in FY2014 (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for…