Cook County Board Approves 1 Percent Sales Tax Hike
By Rachel Cromidas in News on Jul 15, 2015 9:55PM
Shopping in our county plagued by budget shortfalls is about to get a little pricier. The Cook County Board has approved a 1 percent sales tax hike on top of our current 10 percent sales tax.
The sales tax hike, introduced by Cook County Board President Toni Preckwinkle, was approved by Cook County Board Commissioners Wednesday afternoon, according to the Sun-Times. Preckwinkle has said the tax hike is unfortunately necessary to help the county contend with its $6.5 billion pension deficits.
The rate change would take affect Jan. 1, 2016, but the county must first notify the Illinois Department of Revenue of the new rate by Oct. 1.
While 1 percent might not sound like a lot, it will mean taxed goods will cost shoppers 25 cents more per every hundred dollars spent, and is projected to generate over $300 million in revenue a year for the County.