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  • Proposed Real Estate Tax Reform Creates Untenantable Conditions

    Fritz Kaegi, elected Cook County Assessor in 2018 and self-proclaimed “outsider,” took office vowing to reform the County’s property tax assessment system, particularly with regard to commercial properties.  In February, Kaegi backed new legislation that would require taxpayers for income generating property to annually submit income and expense data to the Assessor’s Office.  The Assessor could then use that data (or not) to set assessments for those commercial properties.  The legislation passed in the Illinois Senate, but was stalled in the House and died when the legislative session ended.  Kaegi proclaims, however, that this is not the last we have seen or heard from him on this legislation.  Here is why Kaegi’s proposed mandatory disclosure bills could have significant implications on business owners and taxpayers.

  • Will the U.S. abandon LIBOR as a base interest rate?

    In July 2017, the Chief Executive of the Financial Conduct Authority (FCA) indicated that the FCA plans to replace LIBOR by 2021. While the panel banks voiced support for continuing to sustain LIBOR until then, there has been no formal agreement laid down between the FCA and the global banks that help set LIBOR, and thus there is a risk that these banks that currently contribute to LIBOR will back out sooner than that.