Jimmy John's owner plans to pull its headquarters out of Illinois in 2-4 years.
Jimmy John's founder is making a freaky fast move out of Illinois.
Jimmy John Liautaud first threatened to move his Champaign-based company away from the state last year after Illinois lawmakers raised the corporate income tax rate. And now it appears he's a man of his word.
Last week, Liautaud participated in a Illinois Policy Institute panel and revealed that he's moving to Florida at the beginning of next year, and taking the company's licensing division with him. And that's just the start.
"I think you will see us out of Illinois in the next 2-4 years and it will probably be Indiana or Austin, Texas if I was to guess," Liautaud said.
Liautaud said Michigan offered him a $3.5 million tax incentive package to move. He said Indiana Gov. Mitch Daniels has been courting him hard and Austin, Texas officials flew Liautaud, his wife and a couple of Jimmy John's executive to the city on a private plane in an attempt to woo them.
Liautaud says his issue isn't with the tax increase itself, and that he doesn't mind paying Illinois or federal taxes.
"What I mind is how they spend the tax. I would stay, but the way they spend the tax is what's really driving me away," he said on the panel.
Jimmy John's is the second-fastest growing chain in the country.