Sales Tax Repeal Update: 0.5% Rollback Approved
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At today's Special Board Meeting, the Cook County Board of Commissioners approved a 0.5% reduction of the County sales tax, cutting in half the sales tax increase enacted as part of the FY2008 budget process. Effective July 1, 2010, the Cook County sales tax will be reduced from 1.75% to 1.25%. Although I also sponsored a full 1% repeal of the sales tax increase, this proposal ultimately did not garner enough votes for approval.
President Stroger has vetoed prior attempts to repeal the sales tax increase, but due to the recent change in the veto override requirement, only 11 Commissioners are needed to override a veto. The 0.5% sales tax rollback was approved today with 12 votes--a sufficient number to override a potential veto. Today's passage of this partial repeal ensures that the County's FY2010 budget be balanced with the lower revenue estimates resulting from reduced tax receipts after the rollback takes effect.
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