Lawmakers Consider Tax Breaks For Sears, CME

CHICAGO (CBS) — Illinois lawmakers return to Springfield today to finish the fall veto session.

One of the top items on their agenda is a new package of tax breaks to keep both Sears and the parent company of the Chicago Mercantile Exchange and the Board of Trade in Illinois.

LISTEN: WBBM Newsradio’s Bernie Tafoya Reports

Both have threatened to leave the state unless they get a deal. The proposal for Sears and CME would include $100 million in breaks. It also requires Sears to maintain 4,000 jobs at its Hoffman Estates headquarters.

A 220-page proposal filed by lawmakers yesterday also includes tax credits for the working poor favored by Gov. Pat Quinn, as well a research and development tax credits for businesses throughout the state.

  • Dave

    They better get this passed, we can’t afford to lose any more jobs in this state.

    • Judge Roy Bean

      now gov. moron….decides to give tax breaks, hire flunkies (tramp who traded vote for job), afaid to decded unless boss madigan tells him… gov jag-off who is going to make up that short big hit on taxes coming from them billion dollar companies..?Quinn, do like your road buddy, barney frank , you can retire to fire island, closet queen!…Hope this jagoff goes to jail to,he looks like he cannot wait to be raped in the showers….even blago, will poke him….time to move from Il. Land of Corruption

    • Roberta Waker

      It’s blackmail again and again. Who will pay the taxes on the $100M in tax breaks? The taxpayers. Is it really worth it to keep them in Illinois. NO, NO, NO. We can’t afford any more tax breaks for these companies. If we can’t pay our own taxes; how can we support Sears and CME and all the other companies that want to leave the state? Maybe the Governor should reduce our taxes so we can afford to shop at these stores; then they wouldn’t have to leave Illinois because they would be making a profit here. Time to wake up, people.

      • Dave

        I don’t know how you are figuring this, Roberta. The taxes will not be paid if they stay or if they leave, either way the result will be the same, except for all the jobs that will be lost as well as other money these companies would spend in this state as far as business expenses. This is not robbery or blackmail, any state they move to will give them the incentives they want, it’s more like free enterprise competition. Companies are in the business to make a profit and they will go where ever they can to make the biggest profit. Either way, the taxes in question will not be collected, better to keep thousands employed, rather than handing jobs to another state.

      • Roberta Waker

        What I am saying is that the Governor should give the tax BREAKS back to companies in Illinois to keep them from leaving; NOT give them millions more in incentives instead to stay here. Seems it would be cheaper to do this than cut a new deal. Blackmail is trying to get money by extortion or threat, i.e., give us millions or we will leave Illinois. Incentives are a reason to stay like the tax breaks they already had, but were taken away; this is more like a reward than a threat. If Sears and other companies weren’t making a profit, they wouldn’t have stayed here in the first place. They are only threatening to leave because of the new tax increases passed by the governor, which is reducing their profit and causing all the problems. As far as jobs are concerned, don’t you think we could put more people to work by building new jails to house criminals in this state, maintain them, and staff them? This could keep more people working than the alleged 4,000 jobs Sears is dangling in front of us.

  • Dylan

    So were going to throw 100 million in tax revenue away for 4,000 jobs? Is that worth it? Plus, didn’t they employ 6,000 at that facility?

    They are going to stay anyway. They just opened a large photo studio in a nearby suburb.

    Robbery without a gun. SO, who is going to make up the 100 million dollar loss Mr. Mayor?

    • Roberta Waker

      The taxpayers will make up the loss, who else? We are being taxed to death and now they want us to pay taxes to keep companies in Illinois because the Governor increased their taxes. Sounds kind of dumb, doesn’t it? Maybe their taxes should be reduced to get them to stay instead of giving them more tax breaks on our already overburdened backs. Isn’t there anyone with a brain left in Springfield? Let Sears and CME go. Let’s build more prisons, which would put more people to work building, maintaining and staffing them. At least our tax dollars would be put to good use for a change.

  • Jim

    This shouldn’t pass or even get touched until they fix the PENSION MESS!!! That is a much larger problem than this. Let CME and Sears leave…who the heck shops at Sears/Kmart anymore anyhow?

    • Jim

      What you refer to as, the pension mess, will most likely remain in place as is. You should probably get used to it, lawmakers will never change anything that will take money from their own pockets.

    • Roberta Waker

      Right on, Jim. What we need is a referendum on the next ballot stating that you need to serve THREE terms to get tenure before you can collect a pension. Also, without tenure, you don’t have free insurance coverage forever either. This alone would probably save us tens if not hundreds of millions in taxes.

      • Lyndia

        You finally said something that makes sense. However, why go into the business of building jails? How about some housing, how about replacing the infrastructure in this old city. Look at some of the bridges, they look as though they are getting ready to fall apart. Instead of allowing those people in the county jail to lay on their butts all day, make them clean up some of the lots and the expressways. They do it in other states.

      • Jim

        I agree with three term idea. If you are not reelected you are fired! Why should I pay you a pension if you are fired?

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