- This 1:5 local/state ratio os the same ratio used in formulating Illinois’ base 6.25% Sales Tax Rate.
- 5% State – 1% Local – .25% County
Most LOCAL MUNICIPALITIES actually will receive 3-5 times more from VGT Revenue than from other sales
- 1%-1.5% v. 5%
- The Local 5% amounts to a 14.5% Vice Tax on your local business’ VGT proceeds.
- The Local 5% amounts to a 7.25% Vice Tax on all VGT proceeds (not paid to other governmental agencies)
Still not convinced? Let us compare the potential revenue generated by the Local, VGT 5% tax (in liquor pouring establishments only) to the existing local tax revenues generated by all of Villa Park’s “Drinking and Eating Places”
|CY2011 Municipal Sales Tax (Drinking/Eating Places)||$343,119|
|CY2011 Home Rule Sales Tax/td>||$171,189|
|FY2011 Personal Property Replacement Tax (Entire Town)||$139,211|
|VGT Gaming Tax (est. annual)||$264,442.50|
|Add. Annual PPR Tax from VGT Gaming (assuming 30% location profit/1.5% tax)||23,799.83|
|Total Municipal Portion: Sales/PPR/Gaming Taxes||$941,761.33|
|*44% increase in tax revenue from gaming|