IL Gov. Quinn Signs Business Tax BreaksTue, 12/20/2011 - 13:08
IL Gov. Pat Quinn signed legislation adopted last week providing tax breaks for CME Group and Sears. Sears and CME had threatened to leave the state if they didn't get assistance with their taxes.
The signing of the bill prompted CME Group to announce that it will remain in IL. The enacted bill retools tax calculations for the company by changing how much of its business is subject to state income taxes. In the case of Sears, the legislature renewed a credit the company had been getting for years. It guarantees Sears a $15 million break on its taxes over the next decade and extends a property-tax cut.
IL Senate Agrees on Business Tax Break BillsWed, 12/14/2011 - 15:31
The IL Senate has agreed to legislation providing tax relief to businesses, including extending the state's R&D tax credit and providing incentives to CME and Sears to remain in IL.
The bills grant about $100 million in tax relief for Sears Holdings Corp., CME Group and CBOE Holdings. The $330 million package also includes tax breaks for other IL businesses. Governor Pat Quinn has said he would sign the legislation into law if it passed both House and the Senate. The House passed the measures yesterday. While MWFPA has not taken a position on these measures, it generally supports efforts to help job creators build successful businesses, which includes reducing the tax burden and government bureaucracy, while moving forward with regulatory reform.
IL House Defeats Tax PackageFri, 12/02/2011 - 13:13
A $325-million measure that included $85 million in annual tax breaks for CME Group and $15 million in tax breaks for Sears over the next decade passed the Illinois Senate by a 36-18 vote Tuesday, but was overwhelmingly defeated 8-99 in the Illinois House.
The House and the Senate have adjourned, but could be called back to Springfield at any time to take up a revised tax package. Capitol observers think the Legislature might do that prior to Christmas.
The legislation was designed to ease the burden of the recent 47 percent increase in the corporate income tax. MWFPA supports efforts to help job creators build successful businesses, which includes reducing the tax burden and government bureaucracy, while moving forward with regulatory reform.