Save the Date next Tax Institute meeting
- November 18
I've tentatively scheduled the next quarterly meeting of the Tax Institute for Monday afternoon November 18 from 2:00 - 4:00. I realize this is the day before the IDOR annual practitioner meeting, but there aren't better scheduling alternatives.
At the meeting we will provide an update on the veto session which concludes the week of November 11. We will also provide a City of Chicago update - by then we will know the status of tax-related proposals by the Chicago of Chicago and the status of any such veto session efforts by the City. I have also invited representatives of the Department of Commerce and Economic Opportunity to attend the meeting to discuss implementation of the new Data Center sales tax exemption and other economic development efforts of DCEO.
As of now, we will hold the meeting at our offices at 300 S. Wacker Drive, Chicago. I'm also working on a better dial-in option for the meeting. I hope to have additional details next week.
Illinois General Assembly
The House and Senate have adjourned until the fall veto session. The first week of the veto session is scheduled to begin on October 28. The second, and final, week of the veto session is scheduled to begin on November 12.
I've heard rumors that the veto session might be shortened.
It is likely that we will see corrective legislation from the Illinois Department of Revenue in the veto session to fix some of the flaws that have been identified in the tax legislation passed at the end of session. These will likely be in the form of "technical fixes."
I suspect we will see an attempt by IDOR to delay the implementation of the sales tax nexus and souring changes found in SB 690. I also have heard rumors that IRMA and the Illinois Municipal League plan to propose legislation in the veto session to "fix" the legislation. As I have discussed in prior newsletters, I don't see any viable way that this fundamentally flawed legislation can be salvaged.
No new tax-related legislation has been introduced this week.
Property Tax Reform Task Force
The Property Tax Relief Task Force subcommittees are winding down. Here is a
to the Task Force webpage.
The subcommittee on Assessments and Exemption met last Friday. The agenda has been posted, along with a copy of the presentation made to the subcommittee.
The subcommittee on Social and Economic Disparities has scheduled hearings over each of the next three weeks in various locations.
The subcommittee on Government Consolidation is scheduled met on Thursday. The agenda has been posted.
City of Chicago
The Mayor has proposed changes to the gambling legislation passed during the spring session with respect to the proposed Chicago casino. She has proposed lowering the tax rate and changing the ownership structure.
The Mayor has also signaled her intent to seek legislation during the veto session to modify the real estate transfer tax with respect to commercial properties. Her proposal is for a graduated tax, based on sales price. Here is a link to a recent newspaper article outlining her proposals as of Tuesday.