Welcome Guest
( Log In | Register )
The time is now 9:38 am
You last visited August 16, 2017, 9:00 am
All times shown are
Eastern Time (GMT-5:00)

Illinois passes CME, Sears tax breaks

Published:

Last Edited: December 19, 2011, 3:18 pm

Yes, that CME.

http://www.reuters.com/article/2011/12/12/us-cme-tax-idUSTRE7BB1V620111212

http://www.chicagotribune.com/business/breaking/chi-quinn-signs-searscme-tax-breaks-into-law-20111216,0,6747573.story

(from Reuters)

The legislation would give the CME an $85 million tax break from the state of Illinois, as lawmakers seek to keep the biggest U.S. futures exchange operator from leaving Chicago, its long-time home.

The bill, which was passed in an 81-28 vote, also extends a $15 million yearly tax break to retail company Sears.

The Illinois Senate, which passed similar legislation earlier this year, is due to consider the bill on Tuesday. Illinois Governor Pat Quinn has said he would sign the bill into law if it passes both bodies.

CME, which employs 2,000 people in the state, and Sears, which employs about 6,000, had threatened to leave Illinois after the cash-strapped state in January raised corporate tax rates to 7 percent from 4.8 percent, along with individual rates.

The bill allows CME to count just 27.5 percent of its transactions as Illinois revenue, exempting the majority from state taxes.

Entry #682

Comments

1.
Rick GComment by Rick G - December 20, 2011, 8:09 am
IL is driving corporations (and residents) out of state because it's just too expensive. The state is cash-strapped because of corruption and unions, not for a lack of revenue.
2.
JAP69Comment by JAP69 - December 20, 2011, 1:17 pm
Looks like corporate favoritism to me. Tax laws should be for everyone involved with a tax code that applies to them.
I smell political payoff here in one manner or another. Catch the culprits and send them to jail to keep Blago company.

You must be a Lottery Post member to post comments to a Blog.

Register for a FREE membership, or if you're already a member please Log In.