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Chicago 2015 Budget Approved

  • 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.

Loopholes closed

  • 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.”

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photo credit: Brian Koprowski via photopin cc

Sales tax rates, rules, and regulations change frequently. Although we hope you'll find this information helpful, this blog is for informational purposes only and does not provide legal or tax advice.
Gail Cole
Avalara Author
Gail Cole
Gail Cole
Avalara Author Gail Cole
Gail began researching and writing about sales tax in 2012 and has been fascinated with it ever since. She has a penchant for uncovering unusual tax facts, and endeavors to make complex sales tax laws more digestible for both experts and laypeople.