Quinn signs tax break bill to keep Sears, CME in state
BY Dave Mckinney Springfield Bureau Chief email@example.com December 16, 2011 4:52PM
Gov. Pat Quinn, speaks with the media after the lighting of the State of Illinois’ holiday tree in the Thompson Center. Thursday, December 1, 2011 | Brian Jackson~Sun-Times
Updated: January 18, 2012 8:09AM
Gov. Pat Quinn on Friday signed tax-break legislation designed to keep Sears and the Chicago Mercantile Exchange from leaving the state.
However, the governor did not take any action on companion legislation that would provide tax relief for individuals. 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, while retooling tax calculations for the profitable CME by changing how much of its business is subject to state income taxes.
Dave McKinney, with AP contributing