-- Connecting the dots between our economy, government and business --
Illinois, which started sales in 2020, took in about $200 million from all marijuana-related taxes and fees in 2020. The state is using 10% of that money to pay off its backlog of unpaid bills. They also are making about $31 million available as social equity grants. Illinois officials have said the revenue is higher than expected.
The states where property-tax rates are the highest didn’t change, despite the overall increase in property taxes nationwide. New Jersey had the highest effective property-tax rate at 2.2%, followed by Illinois (2.18%), Texas (2.15%), Vermont (1.97%) and Connecticut (1.92%). Hawaii had the lowest rate in the country at 0.37%, followed by Alabama at 0.44%.
The changes include: consideration of criminal histories under Illinois Human Rights Act; amendments to Illinois Business Corporations Act regarding employee demographics; and new equal pay requirements (including whistleblower protection for reporting violations of the new requirements).
Ford plans to temporarily shut down the Chicago Assembly Plant and lay off workers next week as a result of the global semiconductor shortage that’s greatly disrupted the automotive industry.
Like the pilot program, the proposed ordinance yet again increases the percentage of affordable units required while offering no economic offset in return. This approach will further stifle new development and, therefore, work against the goals of the city and local developers. It also leads to fewer construction-related jobs, not to mention lost real estate tax revenue.
A few weeks ago, New York hedge fund Alden Global Capital LLC was on the verge of acquiring Tribune Publishing Co. —home to the Chicago Tribune, Baltimore Sun and other U.S. metro newspapers—with seemingly no one in its way.
Then it offended one of its partners in the deal, setting off a battle that could help shape the future of local news in America.
Comment: Softball at its purest. Not a single question about any of the long list of wrongheaded, partisan activities by Frerichs.
The Biden administration has grand dreams for mass transit. In its blue-sky vision, subways and buses will do everything from reducing traffic congestion to curbing climate change. But like generals preparing for the last war while failing to imagine how the next one will differ, it has the perfect strategy for an era that has passed.
Earlier this week we wrote that Gov. J.B. Pritzker is digging Chicago’ financial hole deeper. Now Moody’s says “The city must continue to increase its contributions substantially to prevent the insolvency of its deeply underfunded retirement systems…”
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