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

Carol Daniel
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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 This material may not be published, broadcast, rewritten or redistributed.)

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