You may not know it, but on the first Tuesday of every month we send out an email newsletter to a bunch of our friends and customers. Normally we do not duplicate content between the newsletter and the blog. However, given that the two audiences do not really overlap and that this month's newsletter dedicated a substantial amount of time to the new laws that went into effect in the state of Illinois and city of Chicago, we are reproducing that section of the newsletter for our article this week.
With the start of the new year many new laws have gone into effect at the federal, state and local level. Of particular interest to Chicago renters are the following:
Federal
New Tax Laws. Of particular concern for renters, especially low income renters, are new federal income regulations that are predicted to decrease the amount of available funds for charitable donations. While many charitable individuals make donations for personal reasons, there is no denying that their tax-deductible nature has been an incentive for many years. With more money going to taxes, fewer incentives to itemize deductions and more limits on charitable tax deductions, non-profits may struggle in the coming year. This includes service organizations that help low-income renters with many facets of daily life and in times of crisis. Continue reading New Laws for 2018 Affecting Chicago Renters