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Business and Finance

Finance committee votes “yea” for restructured garage parking tax

The City Council Committee on Finance signed off on a plan Monday that would replace the flat tax on garage and lot parking with a progressive tax system based on parking rates. The potential effects of the proposal on Chicago’s hospitality and garage industries remain in question, however.

The approved proposal would switch the city’s current tax for parking in a garage or a lot from a flat rate to a rate based on a percentage of the fee charged by the parking lot operator.

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