Chicago Mayor Brandon Johnson on Wednesday will present his 2027 budget plan to City Council, where he is expected to propose a number of new taxes to help plug an $880 million deficit.
The address comes five months ahead of the next Chicago mayoral election, with Johnson running for a second term amid a crowded field of candidates.
Johnson is scheduled to deliver his address at 10 a.m. Here’s a breakdown of some of the taxes he’s expected to include:
Corporate head tax
One of the largest proposed taxes is a return of Johnson’s proposal to implement a corporate head tax, which he tried and failed to implement in last year’s budget negotiations.
Under the new version of the proposal, businesses with 125 employees or more would pay $25 per employee per year, bringing an estimated $102 million in revenue into city coffers.
The tax is already facing significant headwinds after 29 City Council members sent Johnson a letter opposing any corporate head tax. In the letter, they claim it would drive businesses out of the city.
Johnson defends the proposal and says it’s part of the corporate class paying its “fair share” in an effort to avoid spreading the pain onto Chicago residents.
Johnson is expected to propose offering a rebate to companies in financially disadvantaged areas on the South and West Sides.
Personal property lease tax
Johnson is also expected to propose a hike in the Personal Property Lease Tax, also known as the “Cloud” tax. The fee would apply to any business that rents or leases any property, including digital software, as part of their day-to-day operations. The mayor proposing increasing the fee from 15 to 20%.
Sports betting tax
Johnson’s budget proposal is also expected to include an increase in the city’s sports wagering tax from 10.25% to 20%, which could bring in an estimated additional $37 million in revenue.
Higher fees for illegally parked cars
The mayor’s office is also proposing an expansion of the city’s “Smart Streets” initiative, which uses cameras to detect and ticket vehicles illegally parked in bike and bus lanes. That expansion is projected to rake in $18.8 million for the city, with another $6 million expected to be raised by a Vehicle Debt Amnesty program.
Police misconduct settlement
The budget plan is also expected to include an eye-popping proposal to borrow hundreds of millions to pay down police misconduct settlements, including the recent $261 million package approved for 17 exonerees whose murder cases were tied to disgraced former Chicago Police Commander Reynaldo Guevara.
The proposal is sure to face headwinds in the City Council as Johnson’s re-election campaign heats up. Last year, a coalition of moderate and center-left council members drafted a counter proposal to Johnson’s budget that became law when it received a majority of votes.
The mayor chose neither to sign nor veto the document, allowing it to go into effect.
Chicago City Clerk Anna Valencia told NBC Chicago she plans to introduce her own budget-related ordinances related to amnesty for all city tickets, fees, and fines. She says the city could collect some of the $1 billion in outstanding debt it is owed by giving residents and businesses three months to cut a deal on anything from parking and speed camera tickets, to water fees and business fines.
“We have a billion dollars of debt on the books we’re not seeing any revenue for,” Valencia said. “Let’s try something else. Let’s try the carrot approach. A three month amnesty. Let’s talk about relief and affordabifor our families. If we can get 10 percent, (that’s) a hundred million dollars.”
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