Good News for MRED Customers on Chicago Cloud Tax
MRED is pleased to announce that it has received notification from the City of Chicago that use of the MLS by its customers is exempt from the City’s Personal Property Lease Transaction Tax, also known as the “Chicago Cloud Tax”.
These rulings by the City mean that MRED’s Chicago customers in the twelve MRED local Realtor® associations will not have to pay a tax on their MLS services. The percentage assessed could have ranged from 5.5% to 9% of what real estate professionals have been charged, adding to each brokers’ expense to do business on a monthly basis.
“What a relief for hard working real estate professionals everywhere,” said Jeff Gregory, MRED Chairman of the Board and Broker Owner of Realty Executives Success. “Thanks to our President/Chief Executive Officer, Rebecca Jensen, who jumped on this issue and brought together the resources and expertise necessary to obtain such a positive result. I am proud to be part of a Board that recognized and got behind the steps taken to gain this triumph for our industry.”
“This is a significant victory for real estate professionals,” said Rebecca Jensen, MRED President/Chief Executive Officer. “This ruling has meaning across the country, to other jurisdictions that are considering this type of tax. We appreciate the great legal representation from Jim Sipchen and Brendan Nelligan at Pretzel and Stouffer, and the government affairs expertise received from CAR and Brian Bernardoni, their Senior Director of Government Affairs. I am so proud of the high level of ‘hand in glove’ cooperation between MRED and our local association partners on this critical issue. We always work so well together, and I’m thrilled to celebrate this great win for our customers and Realtor® Association members!”