SPRINGFIELD, Ill. (AP)- Illinois Gov. Pat Quinn has approved legislation designed to keep two major companies from leaving the state. The Democrat’s office announced Friday that Quinn signed tax-break legislation directed at Sears and the Chicago Mercantile Exchange(CME). He did not take action on companion legislation that would provide tax relief for individuals and his office did not immediately say when he would.
Sears and CME had threatened to leave the state if the measures weren’t adopted. The bill renews a credit Sears has been getting for years and guarantees the company a $15 million break on its taxes over the next decade.
Lawmakers agreed to retool the tax calculations for the profitable CME by changing how much of its business is subject to state income taxes.
The bill is SB397. Online: www.ilga.gov
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