Illinois Quick Hits: State revenue department wants feedback on digital tax rules
(The Center Square) – The Illinois Department of Revenue is inviting feedback on proposed rules for the state’s digital assets tax that is scheduled to take effect Jan. 1.
The draft rules will be available for public review and comment on the homepage of IDOR’s website, tax.illinois.gov, through 5 p.m. on Oct. 30.
State Rep. John Cabello, R-Machesney Park, filed HB 5798 to repeal the 0.2% tax less than a week after Gov. J.B. Pritzker signed it into law in June. The next month, the Digital Chamber filed a lawsuit claiming the tax is unconstitutional.
CHICAGO ALDERMEN TO MAYOR: REDUCE THE COST OF GOVERNMENT
A group of 29 Chicago aldermen have informed Mayor Brandon Johnson they are prepared to work on a budget that includes no property tax increase, no head tax or tax on employers, and no reliance on Springfield revenues that have not been approved.
The aldermen said in a letter on Monday that their first demand is simple: reduce the recurring cost of city government before asking anyone to pay more. Chicago is facing a budget deficit of $882.4 million in 2027.
MCHENRY COUNTY TO HOLD PROPERTY TASK WORKSHOP IN MARENGO
McHenry County officials say they are holding another property tax workshop due to popular demand.
The event is scheduled to begin at 6 p.m. on Tuesday at the Marengo Park District, featuring McHenry County Treasurer Donna Kurtz, Clerk and Recorder Joe Tirio and Chief Assessment Officer Alejandro Benitez.
ST. LOUIS FED: COMMERCIAL LOANS DIP
The Federal Reserve Bank of St. Louis says commercial and industrial loans at U.S. commercial banks dipped by $2.4 billion in the week ending Sept. 16 to $2.97 trillion, for the first decline in eight weeks.
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