Illinois House Speaker Mike Madigan’s power over Illinois politics is more precarious than ever. A steady stream of federal investigations, wiretaps and raids of people close to him, a deferred prosecution agreement with Commonwealth Edison wherein the utility giant admitted to bribing the speaker, and a grand jury subpoena served to Madigan’s office have led...View Report
Chicago leaders have been unable to finish developing valuable land after 23 years and $331 million in taxes, but convinced state leaders more time and money were needed.
Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.
Despite its residents dealing with a high county and state tax burden, the village of Rosemont has spent millions on frivolous entertainment costs in recent years. Taxpayers shelled out $65,000 for pizza joint.
A new report analyzes the effects of “tax increment financing” on communities across the nation – and calls into question the merits of the widely used development tool.
MillerCoors opened its Chicago headquarters in 2010. Eight years and nearly $6 million in subsidies later, the beer giant has been hammered by a heavy round of layoffs.
Nearly a third of property tax revenue in Chicago is diverted into 143 TIF districts controlled by the mayor, nearly half of which are located in affluent neighborhoods.
Tax increment financing creates elusive troves of property tax “gold” – by depleting funds from local governments the mechanism intends to serve.
Madison County voters have twice turned down a proposed sales-tax hike to fund school facilities projects, but the proposal will appear again on March primary ballots. If approved, shoppers in Collinsville and Granite City would see some of the highest sales tax rates in the country.
Despite residents seeing some of the highest property tax bills in the state, the Wheeling Board of Trustees approved a preliminary agreement giving a developer nearly $7 million to build apartments and retail space in the village.
A new bill introduced in the General Assembly would prohibit local lawmakers from passing tax hikes without voters' permission.