City Rakes In Big Money From Tax Refunds
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Talk about quick cash.
The City of Chicago’s local debt recovery ordinancef has paid off very quickly and handsomely for the city.
In just about two weeks, the city has scooped up $5.2 million in past due parking tickets and other outstanding debts by intercepting Illinois state tax returns of parking ticket scofflaws. Ultimately, Chicago estimates it will see an $8.5 million windfall.
Perhaps, most interesting is that more than half the income came from taxpayers residing outside Chicago’s city limits where boot vans cannot travel to affix the dreaded bright yellow Denver boot to their vehicles.
The revenue jackpot was announced by Mayor Emanuel at a press conference Monday morning at Harrison Park on the city’s Southside.
Emanuel outlined how he’ll use the money saying it will be used to hire 50 new police officers as well as fund programs for children like After School Matters, summer employment programs, and park district programs.
“By ensuring that those who break the law are held accountable, the taxpayers of
Chicago are reaping an $8.5 million dividend that we are reinvesting in keeping our kids safe. Every dollar of debt collected this tax season will help us provide
additional resources for youth in parks, jobs, and internship programs, as well as
additional public safety resources,” said Emanuel. “This reform bonus will help keep Chicago’s children safe this summer by creating nearly 20,000 additional job opportunities, summer program options, as well as put 50 additional police officers in the academy this summer.”