Chicago Mayor Lori Lightfoot appears to have shelved a graduated real estate transfer tax — for now — in favor of increasing the tax levy by $65 million.
Originally, the levy was to increase by $18 million, and that amount was earmarked to keep libraries in the city open on Sunday.
As reported in the Sun-Times, Lightfoot was in Springfield on Tuesday to meet with lawmakers to garner support and build relationships.
As for the transfer tax:
“… Lightfoot was counting on the tax to generate just $50 million in 2020. That’s because she was conservatively assuming it would pass by the simple-majority needed for a July 1 effective date — not the super-majority needed to begin collecting the graduated tax on Jan. 1.
