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Mayor proposes closing tax loophole benefitting property investors

Mayor Rahm Emanuel proposed an ordinance at Wednesday’s City Council meeting that closes a property tax loophole, a move he says could save the city about $2 million in tax revenue over the next two years.

The measure amends the city’s Real Property Transfer Tax ordinance to clarify that only lenders such as banks or credit unions – not investors – that are selling or transferring properties foreclosed upon are exempt from paying a property transfer tax.

Year-round city stickers, tougher penalties for gambling, drinking and urinating on the public way receive Council approval

Chicago city stickers will be sold year-round beginning in 2014 under a measure passed Wednesday by the City Council.

The plan, championed by City Clerk Susana Mendoza, will transition the city’s current seasonal registration schedule to one in which drivers can purchase a new sticker in any given month. Drivers currently only have a window of a few weeks in May and June to buy a vehicle sticker.

Mendoza said Chicago residents currently purchase about 1.3 million stickers each year during the one-month registration period.