Cook County Illinois Drops Sales Tax January 1, 2013

Cook County Illinois Welcomes 2013 with Tax Rate Decrease

Cook County Illinois Welcomes 2013 with Tax Rate Decrease

Residents of Cook County, Illinois woke January 1, 2013, to a sales tax rate of 0.75%. The 0.25% drop is largely due to the concerted efforts of Cook County Board President Toni Preckwinkle.

The action by Preckwinkle fulfilled “the most significant pledge” of her 2010 campaign, a promise to “eliminate the sales tax hike” created by her predecessor Todd Stroger. The most recent drop completes “the final rollback of the 1% sales tax that was implemented in 2008.”

The Cook County government reminds that “[l]owering the sales tax rate increases economic activity and increases residents’ spending power. In addition, the lower sales tax stimulates economic activity which … [leads to] job growth in Cook County.” At the same time, the county recognizes that the “reduction in the sales tax is expected to decrease revenue by approximately $86 million in FY 2013.”

According to the Cook County blog, “The cumulative effect of the sales tax cut will yield roughly $440 in savings for taxpayers.” That makes for a happy new year.

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