Aldermen say the goal is to up the ante when in comes to penalties in hopes it will get illegal guns owners to consider giving up their weapons.
Police Superintendent Garry McCarthy held a new conference earlier this month annoucing almost 700 guns had been seized by Chicago police since the new year.
He pointed out that’s two and-a-half times more than the number of guns police in New York have seized.
The hope is this ordinance will help cut down on the number of people with illegal guns.
The ordinance increases the maximum penalty for failing to report the loss, sale, theft or transfer of a gun to $5,000 plus six months in jail.
It would apply to all gun owners, not just those who have a Chicago firearms permit, as is the case with the previous ordinance.
Alderman who spoke to WGN are in favor of the proposal.
11th Ward Alderman James Balcer also wants to create a partnership with the business community in which a crime tip reward fund would be created in hopes of generating more tips.
He hopes the fund would reach at least $1 million.
He plans to introduce that ordinance Thursday and hold hearings on it as soon as possible.