Author: Rock Fusco Connelly LLC
Cook County Real Estate Tax Incentives
With high real estate taxes on commercial and industrial properties in Cook County, compared to neighboring collar counties, the Cook County Board (“the Board”) has created several programs designed to encourage industrial and commercial development. Specifically, the Board is offering real estate tax incentives for new construction, and the reutilization of vacant buildings. In Cook
Insurance Policy Doesn’t Pay for Death Involving Autoerotic Asphyxiation
The 7th U.S. Circuit Court of Appeals recently held that a death resulting from an intentionally self-inflicted injury was excluded from coverage under its insurance policy. A man had strangled himself while performing autoerotic asphyxiation, the act of intentionally cutting off oxygen to the brain for sexual pleasure. A medical examiner had determined the cause
Cryptocurrency: Easy to Conceal, Hard to Value
Cryptocurrencies have often been described as “the new offshore account” because it is too expensive and time consuming to trace. Cryptocurrencies, such as Bitcoin, are anonymous and decentralized, and although they are a popular form of investment, they are also a tool for those attempting to hide assets. Every time a Bitcoin is exchanged the
New Act Raises Age of Buying/Selling Tobacco Products to 21
On July 1, Illinois officially raised the legal age for purchasing tobacco and nicotine from 18 to 21. Back in April, Governor J.B. Pritzker signed HB345, also known as “Tobacco 21,” into law, making Illinois the 11th state to adopt the statewide law, and the first state in the Midwest to do so. Tobacco 21
Illinois Condominium Buyers Beware
A recent Illinois Supreme Court decision eliminates consumer protection for homeowners seeking a financial remedy against subcontractors for defective construction that could potentially have ripple effects throughout Illinois. The Court found in Sienna Court Condo Association v. Champion Aluminum Corp. that purchasers of a new home cannot sue a subcontractor that has no contractual relationship
Protect Your Trade Secrets
In 2016, U.S. Congress passed the Defend Trade Secrets Act (“DTSA”), which created a body of federal trade secret laws that almost mirrored the Uniform Trade Secrets Act (“UTSA”). The DTSA and UTSA govern trade secret protection in nearly every state and federal jurisdiction in the United States, and allow an owner of a trade
FLSA’S “REGULAR RATE” WILL CHANGE SOON
The U.S. Department of Labor (“DOL”) recently offered hope to many employers that are seeking clarity regarding compliance with the Fair Labor Standards Act’s (“FLSA”) overtime calculation rules. The FLSA generally requires employers to pay employees overtime pay of at least one and one-half times their regular rate for hours worked in excess of 40
Best Practices of a Board of Directors
A Board of Directors is elected to represent the shareholders of a company and, thus, is expected to lead by example. The importance of having ethical directors cannot be overstated. The most forward-thinking companies consistently practice sound governance and understand its legal responsibilities. Directors should at all times act faithfully, and with diligence and care
Investing in a Qualified Opportunity Zone
In 2017, the Tax Cuts and Jobs Act established a Qualified Opportunity Zone program that provides tax incentive for investing your money in an “economically stressed community.” All 50 states have certified zones and investing in these areas provide the opportunity to defer and potentially reduce the taxes you pay on recognized capital gains. This
Impact of Illinois Legalization of Recreational Marijuana Use on Business Policies
Governor Pritzker has recently announced that he’s reached an agreement with key lawmakers on a plan to legalize recreational marijuana in Illinois starting next year. This legislation would allow adults 21 and older to legally buy cannabis for recreational use from licensed dispensaries. Illinois residents could possess up to an ounce (30 grams) of marijuana,