How the state is taking local sales tax money
Horizontal view of an open cash register drawer asa a cashier makes change.
Many suburbs will find their coffers a little light this month.
That’s because towns with local sales taxes are getting 2 percent less from the state than they’re used to, beginning with monthly disbursements set to be issued this week. That’s as much as $35,000 a month less in Schaumburg or as little as $30 a month less in Sleepy Hollow, according to a Daily Herald analysis of last year’s local sales tax receipts.
The new fee the Illinois Department of Revenue is charging for collecting and distributing local sales and use taxes will take an estimated $47.7 million from 64 suburbs, Cook and the five collar counties, and the Regional Transportation Authority by the end of the state’s next fiscal year in June 2018, according to the analysis…Please click here to read Jake Griffin’s story in the Daily Harald.