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