(stokpic / Pixabay)
Illinois casinos may be closed due to the coronavirus pandemic, but Chicago hit the jackpot during legislators’ abbreviated session.
Thanks to our sponsors:
Both chambers of the Illinois General Assembly narrowly gave approval on Saturday to redo the tax structure for the planned Chicago casino – something Mayor Lori Lightfoot has insisted since last May would be necessary.
Rep. Bob Rita, D-Blue Island, the sponsor of the measure (House Bill 516) commended Lightfoot’s “tenacity” for pushing the change “since day one” when she said the original tax structure “wouldn’t work for Chicago.”
“The idea is to make this work for Chicago, so that we could fund a vertical capital (bill), put people to work,” Rita said. “Not only for Chicago but for everywhere in the entire state of Illinois. This is good for everyone for jobs and development – having a Chicago casino be real.”
The massive $45 billion Rebuild Illinois construction plan passed in 2019 was predicated on the Chicago casino reaping $850 million annually for the state to spend on non-road infrastructure projects statewide.
But a study produced shortly thereafter found that the original tax rates legislators devised for the casino were so onerous, it would not be profitable.
“The current regulatory construct, namely the highest effective gaming tax and fee structure in the U.S., makes any casino project – regardless of location – generally not financially feasible,” the report read.
Progress on moving forward with a Chicago casino has been at a standstill since, meaning Illinois has also received no money from it to help fund the Rebuild Illinois capitol program.
Backers of the measure used that to convince legislators not from Chicago to get on board with the lower taxes. While the lower taxes will mean Illinois will get approximately $350 million less a year, $500 million is better than nothing.
“So we’ll move from an expectation that (what) we had was infeasible – a reality that we currently have which would be zero. And now, based on this legislation, we would have approximately $500 million that would materialize as true revenue that would be available to benefit the state,” Rep. Ryan Spain, R-Peoria, said.
Although his vote ended up not being necessary for the measure to pass, Sen. Rob Martwick rushed to Springfield on Saturday just in case.
Martwick, who publicly sparred with Lighftoot and had backed her opponent during last year’s mayoral race, had not taken part in the rest of the special session this week due to health issues that put him at higher risk should he contract COVID-19.
Chicago’s share of the casino revenues will go into the city’s underfunded police and firefighter pension funds.
Cook County will receive a minimal share of the revenues – 1% – which is to be used on the criminal justice system.
The legislation also gives the central Illinois community of Danville a backup plan if a pending application for a casino license there falls through.
Gov. J.B. Pritzker earlier this week said he looks forward to signing the measure should it reach his desk. The new tax structure is laid out in HB516.
Follow Amanda Vinicky on Twitter: @AmandaVinicky
Thanks to our sponsors:
Thanks to our sponsors:
"general" - Google News
May 24, 2020 at 06:49AM
https://ift.tt/3bYippZ
Chicago Casino Bill Passes General Assembly, Heads to Governor - WTTW News
"general" - Google News
https://ift.tt/2YopsF9
https://ift.tt/3faOei7
Bagikan Berita Ini
0 Response to "Chicago Casino Bill Passes General Assembly, Heads to Governor - WTTW News"
Post a Comment