Wednesday, June 19, 2013
Gorman Sponsors Tax Rate Deduction for Cook County Businesses
Chicago, IL – Commissioner Elizabeth “Liz” Doody Gorman voted today in support of the ordinance amendment which cuts the tax rate for Cook County’s Non-Titled Personal Property (NTPP) Use Tax. The amendment, sponsored by Commissioner Gorman and successfully passed by the county board with unanimous approval, reduces the NTPP Use Tax rate down to 0.75%. The existing NTPP Use Tax rate of 1.25% was adopted in conjunction with the 2013 county budget.
NTPP Use Tax is a tax imposed upon the privilege of using in Cook County non-titled personal property which was purchased outside of the county. The obligation to pay the tax is upon the purchaser or user of non-titled personal property and shall be payable whenever the non-titled personal property is first subject to use in the county. Businesses are liable once their purchases exceed $3,500 in a year.
The tax rate cut will address concerns expressed by the business community. In addition to reducing the tax rate to 0.75% of the value of the item upon use in Cook County, it will provide taxpayers with a credit towards the tax imposed by this Ordinance where the party liable for the tax has paid a county issued sales or county issued retailers occupation tax to another county. It will also reduce the frequency of administrative filings starting in 2014.
“The economic conditions are tough enough on businesses in Cook County, especially those in the 17th District. Reducing the NTPP Use Tax rate is a positive effort to improve our county’s business climate. The rate cut should help lower costs for businesses and help keep them competitive,” stated Gorman.
Commissioner Elizabeth “Liz” Doody Gorman, Republican from Orland Park, was first elected in 2002 to represent Cook County’s suburban 17th District. She has been a strong advocate for tax reform, fiscal responsibility, budget and operational efficiencies, especially in the area of new technology. Commissioner Gorman has also worked hard for greater transparency throughout Cook County government and for making the Forest Preserve District a national leader in the areas of recreation, restoration and conservation.