Ward Room
Covering Chicago's nine political influencers

CME, Sears Tax Break Fails

Working poor tax credit can double as well

View Comments (
)
|
Email
|
Print
CME, Sears Tax Break Fails

ASSOCIATED PRESS

advertisement

The Illinois Senate liked the idea of providing tax breaks to both Sears Holding Corp and CME Group, Inc.

The Senate voted 36-18 to pass a tax relief package that gives a total of $100 million in tax savings for Sears Holding and CME, which owns Chicago Board of Trade and Chicago Mercantile Exchange.

The House was a different story.

State representatives voted 99-8 against the legislation. Legislators may try again later on Tuesday evening.

Gov. Pat Quinn supported bill also increases the current five percent tax credit for low income individuals and families to 10 percent and raises the personal exemption taxpayers can claim.

"This bill is about tax relief to the places where we could get it, targeted to the people who need it, while at the same time we attract and retain the businesess we have here today, " stated Sen. Toi Hutchinson (D-Olympia Fields) to the Sun Times.

The House is working on a version that offers Sears and CME the same tax breaks, but increases the tax credit for the working poor to 7.5 percent and does not include personal exemption changes. They have not voted on their version as of yet.

Earlier this year, Sears Holding and CME raised concerns over possible tax increases and threatened to leave the state.

The House failure will surely re-ignite that discussion.

Leave Comments