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Illinois passes CME, Sears tax breaks
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Updated:
Yes, that CME.
http://www.reuters.com/article/2011/12/12/us-cme-tax-idUSTRE7BB1V620111212
(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.
Comments
I smell political payoff here in one manner or another. Catch the culprits and send them to jail to keep Blago company.
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