The Chicago City Council Finance Committee endorsed the plan Monday despite objections from the hotel industry.
The increase in rates would impact people who already pay a lot for so-called "premium" parking spaces. That means drivers who pay a parking fee of more than $25 for a weekday, $125 for a week, or $600 a month would see their parking rates go up.
However, anyone who pays less than those amounts to park would pay less in taxes.
The full Chicago City Council will take up the issue Wednesday.