Cook County's sales tax dropped to .75 percent on New Year's Day, completing the final rollback of a 1 percent tax increase instituted four years ago. Christian Farr reports.
Todd Stroger's controversial 2008 sales tax hike is officially rolled back, his successor announced Wednesday.
The Cook County sales tax dropped to .75 percent on New Year's Day, completing the final rollback of Stroger's 1 percent tax increase. The switch sent Chicago's combined tax rate from 9.5 percent to 9.25 percent and will cumulatively save taxpayers $440 million, Cook County Board President Toni Preckwinkle said.
“I have worked hard since taking office to ensure that families and businesses can trust county government again,” Preckwinkle said. “I kept my promise to residents to eliminate the sales tax hike, the most significant pledge of my 2010 campaign.”
Chicagoland Chamber of Commerce President Jerry Roper said consumers will save $87 million this year alone in taxes. That means local businesses will benefit too, said Mike Abt of Glenview-based Abt Electronics.
“We look forward to seeing the positive effect this has, not only on Abt, but other retailers in the area," he said.
“Economic development will also benefit," said Illinois Retail Merchants Association President David F. Vite said. "The tax climate is one of the many variables that businesses consider when deciding where to create jobs.”
Chicago’s sales tax was pushed to 10.25 percent under the tax. Commissioners tried to reverse Stroger's tax hike several times.