The Illinois Hispanic Chamber of Commerce(IHCC) supports World Business Chicago, the Small Business Advocacy Council (SBAC), and other small business advocates organizations in the Commercial Corridor Revitalization Coalition (CCRC) in limiting the tax breaks property owners can get on vacant storefronts.
The IHCC, as well as other organizations, are sounding the alarm on how some land-bankers and foreign investors are taking advantage of marginalized communities.
Jaime di Paulo, IHCC President & CEO, agrees with Tonya Trice, executive director of the South Shore Chamber of Commerce, and Elliot Richardson, SBAC when they said: “The tax breaks don’t allow businesses to open and create jobs — and provide services and amenities — that the residents in these communities need”.
To ensure the tax relief change is cemented long-term, chambers of commerce and business leaders have proposed a county ordinance to cap the frequency a property can receive the vacancy tax break at three times every 10 years. If passed, it would go into effect in January 2023.
The IHCC will lobby elected officials to support the ordinance — and if it’s passed, they’ll look to develop other policies that can revive commercial strips.