Chicago Limited Tax Amnesty

December 2, 2015
Joe Demko, Eric Fogel
SmithAmundsen Corporate Legal Update

The City of Chicago has issued additional guidance on the tax debt relief program being offered to individuals and businesses as part of the 2016 budget passed by the City Council on October 28, 2015. The debt relief program allows individuals and businesses who owe eligible debt to the city a chance to resolve outstanding taxes, and avoid further costs and collection activity.

The program runs from November 15, 2015 through December 31, 2015, and interest and penalties will be waived for tax periods prior to January 1, 2012 when debts are paid in full during the relief program.