KMOX 1120AM

Politics

Tax Break Package for Ill. Business’ Includes Credits for Sears

Carol Daniel
View Comments
Corporate Taxes, Peter Macdiarmid, Getty Images
Election Returns

Springfield, ILL.(AP)-A package of tax breaks for Illinois businesses made it through a legislative committee despite major concerns by lawmakers.   The House Revenue Committee approved the measure 6-0 Monday. But two important legislators said they may oppose the bill when it comes up on the House floor.  The package would cost state government about $250 million a year. That’s down from $850 million in an earlier proposal.

It would include $85 million in relief for Chicago-based financial exchanges that are threatening to leave the state. It also includes $15 million in tax credits for Sears.

Some lawmakers accused the companies of holding a gun to the state’s head.  Gov. Pat Quinn’s office said the bill does not offer enough aid to poor and middle class families.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 3,835 other followers