Tax break plan for CME, Sears stalls in Springfield, veto session extended
BY DAVE MCKINNEY Sun-Times Springfield bureau chief November 9, 2011 7:08PM
Updated: November 10, 2011 12:00AM
SPRINGFIELD — A bid to grant tax breaks to the operator of Chicago’s two financial exchanges and Sears Holding Corp. stalled in the Legislature Wednesday, prompting House Speaker Michael Madigan to order his chamber back to the Capitol later this month.
The plan pushed by Gov. Pat Quinn to keep CME Group and Sears from relocating hit turbulence earlier this week amid questions about how the cash-strapped state could afford a package that could top out at $700 million.
Before adjourning for the day Wednesday, House members were told the six-day veto session would be extended at least one day. The House has added Nov. 21 to its calendar.
“I think there was a general view the Legislature needs to continue to work on the governor’s tax plan and try to fashion a bill that can pass,” Madigan spokesman Steve Brown told the Chicago Sun-Times.