The Illinois House on Monday approved a tax-break bill that would keep Sears Holding Corp. and CME Group, Inc. in Illinois.
The House voted 81-28 in favor of the package after approving tax breaks for working families 67-49. The Senate is due to vote on both items Tuesday.
Lawmakers separated tax breaks for corporations and for individuals after the combined package failed last month in the House. In official statements, Gov. Pat Quinn and Mayor Rahm Emanuel concentrated on the virtues of the latter.
“Investing in working families is good for Illinois," Quinn said in a statement. "The Earned Income Tax Credit will put more money in the pockets of everyday working people, which in turn allows them to invest that money back into their local communities."
"The EITC is the single most pro-family and pro-work tax cut there is and I am grateful for the bipartisan support for this much deserved tax relief for Illinois’ working families," Mayor Rahm Emanuel said.
Quinn mentioned Sears and CME tax breaks as an aside but also said the two work hand in hand. "Investing in employers is also good for Illinois," he said.
Some still seemed weary about picking and choosing businesses to financially help, but the bill, which would give $100 million in tax savings for Sears Holding and CME, passed in the end. CME owns Chicago Board of Trade and Chicago Mercantile Exchange.
“I encourage the Senate to take swift action tomorrow,” Quinn said.
