Quinn OKs Tax Breaks For CME, Sears

December 16, 2011 6:29 PM

Gov. Pat Quinn. (Credit: CBS)

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CME, Gov. Pat Quinn, Sears

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SPRINGFIELD, Ill. (AP) — Illinois Gov. Pat Quinn has approved legislation designed to keep key 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.

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 threatened to leave the state without the measures lawmakers adopted this week. 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 tax calculations for the profitable CME by changing how much of its business is subject to state income taxes.

renate

I called the gov and told him that I am leaving the state if I don’t get a taxbreak and he told me told me go to hell!

Paul M.

That’s probably because you wont be taking thousands of jobs along with you. I’m guessing you don’t work for Sears or theCME. Maybe you should just take the governor’s advice!

Wolf

The corruption and fraud never stops in this government of crooks….wonder how much longer the taxpayers will put up with these crooks…
LOTD

Strange as how someone I know who works in a lofty position @ Sears just told me of their plans to outsource quite a bit to India. Maybe it would have been better business to tell them “you will get the tax breaks if you hire and cretae jobs in IL, and PROVE IT”!!!

Hey Quinn – where are the tax breaks for us citizens, you @ ss hole!!!??

dennis

this whole thing with sears was a complete waste. most likely within the next few years they won’t even exist. you go into an ace hardware or menard’s & you will find chraftsman tools. other retail stores are starting to carry the kenmore brands.
they are or will become a southern based company with very few retail stores as we now know them today.
the biggest issue with this state they didn’t even investigate things like their credit rating & etc. the only thing that is keeping the going at the slow pace they are on now is kmart & they are just holding on.
their retail base as far as sales go is history in the making at this point.

Jack

The governor did the right thing. These companies already pay a lot of taxes.
http://chicago.cbslocal.com/2011/12/27/up-to-120-sears-kmart-stores-to-close/ Up To 120 Sears, Kmart Stores To Close « CBS Chicago

[...] Illinois had been a major complaint for Sears. The company had been considering leaving Illinois, until Gov. Pat Quinn approved a multi-million dollar tax break for Sears and the CME Group, which was also considering departing the [...]