Chicago 2015 Budget Approved
- Sales Tax News
- Nov 26, 2014 | Gail Cole
Chicago Mayor Rahm Emanuel’s 2015 budget has been approved by the full Chicago City Council, as expected. The mayor’s press release highlights the fact that property, sales and gasoline taxes will not increase, and that closing tax loopholes will enhance revenue by $54.4 million.
- The luxury skybox amusement tax exemption will be eliminated.
- The cable company amusement tax exemption will be eliminated.
- The use tax credit will be eliminated.
- The personal property lease tax will increase.
Online sales are largely untaxed
The 2015 budget overview notes that the city’s sales and use tax revenue is expected to increase by approximately $38.5 million in 2015, due in part to an increase in consumer confidence. However, readers are reminded that the “City cannot collect sales taxes from most online purchases, and overall sales tax revenue growth is tempered as consumers continue to shift purchases to internet retailers.”