Quinn Hopes For Tax Breaks For Financial Exchanges, Sears

SPRINGFIELD, Ill. (CBS) — The Illinois General Assembly begins the second round of its fall veto session Tuesday, and Gov. Pat Quinn is hoping tax relief is among the things on the agenda.

As WBBM Newsradio Political Editor Craig Dellimore reports, tax relief is on some other wish lists too.

Mayor Rahm Emanuel wants lawmakers to grant tax relief for the CME Group and the Chicago Board Options Exchange to keep them from leaving the state.

LISTEN: WBBM Newsradio Political Editor Craig Dellimore reports

Quinn wants to broaden the relief package to include Sears, which has also threatened to move out of Illinois.

“Sears is a company with 6,000 employees. We want to keep them here; have them grow here. I’ve met with their executives. I’ve met with the executives of the exchanges, and I think they bring a lot of jobs to our area and our state, and then there’s also other things that are important, like everyday families who are part of our state of Illinois, and we want to help them get a little more money,” Quinn said.

Thus, Quinn wants to increase the earned income tax credit for low- and middle-income families. The mayor agrees.

The CME Group, parent company of the Chicago Mercantile Exchange and the Chicago Board of Trade, has been threatening to leave Illinois over a hike tax hike approved this year, which jacked the corporate income tax up from 7.3 to 9.5 percent.

CME Group executive chairman Terrence Duffy said in June that the firm would lose about $50 million this year from the tax hike.

Late last month, a state Senate Committee approved a tax break for the exchanges that changes the way derivates traded online are taxed. Currently 100 percent of online derivatives are taxed, and a pending measure sponsored by Senate President John Cullerton (D-Chicago) would cut that to about 28 percent.

Sears parent company Sears Holdings Corp. confirmed last month that it is in discussions about two prospective sites that are not in Illinois over the corporate tax hike. Reports said the two sites are in Austin, Texas, and Columbus, Ohio.

  • Edward

    It seems Gov. officials are in the business of giving tax breaks to companies under the threat of leaving IL. I say let them leave because I fed up with corporate welfare. I didn’t get a tax break when the State Income Tax increased by 60% or so. Until Gov. begin to uniformly deny these companies “breaks” they will continue to strong arm the tax payers. If wouldn’t matter what State they moved too if that were the case. Let them fail!

  • Citicen of the Republic

    When will the tax break come for the middle class struggling home owners who actually pay taxes?

    CME, Sears, Motorola, Catapillar who’s next McDonalds? I want a tax break you theiving politicans, fire all your relatives on the payroll and will have enough money. Abolish the TIF districts! Take away the bodyguards from Daley and Burke and their triple pensions. No more tax subsidies for Business organizations or chamber of commerice like you have been. Rahm now wants speeding cameras as he says for parks and schools but their isn’t a street NOT going to be under the camera eye I say enough!

  • Reasonable Doubt

    In the not so distant past, I remember, in the town of Cicero, there were factories from the Douglas Milwakee CTA line on the south to about the B & O rail line on the north, from Cicero avenue on the east to Central Avenue on the west, nothing but factories employing thousand of people. All these people produced products bought and sold in the USA. These people paid federal and state payroll taxes, in addition, to local sale taxes. American business men became so greedy and shipped all of these jobs oversea and now, want to sale the same products, once produced here, to the American’s consumers. Both the RepuBats and DemoRats , with Chicago’s own mayor part of presidential team who pushed the destruction taken place under the Clinton terms want to tax is to death. . It is simply to solve this issue. For every actions, there is an equal an opposite reaction. Do not buy these products produced in china, Ram it up their xxx

  • Jim Hamilton

    I was wishing that Quinns resignation would be the primary topic.

    Chicago is turning into one huge cesspool of criminals put a fence around it and take away their right to vote.
    By the way.
    Hi there Chicago it’s me from down state illinois. Hows the anti gun laws working out for ya. When will you idiots up there wake up and see your anti carry laws only dis arm the law abiding guys and keep the bad guys with their guns safer?

    Like hell take my family to Chicago getting them all killed in a drive up like so many others I read about doesn’t sound like fun to me oh yeah and in Chicago the criminals carry guns but I can’t hahaha NO THANK YOU CHICAGO!

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