ADM Unlikely To Get Tax Credit Before End Of Year
While much of the attention was focused on pensions, state legislators yesterday also dealt with measures intended to get a trio of companies to call Illinois home. But they only got halfway there.
Decatur-based Archer Daniels Midland is shopping for a new world headquarters. The agribusiness giant may well choose Chicago; but it wants a tax break from Illinois, like in a measure approved by the Senate.
"I hope that ADM would see the movement in the Senate, which was bipartisan, as a positive step forward," says the measure's sponsor, Sen. Andy Manar, whose district covers Decatur.
But the House adjourned without voting to give ADM the credit, valued at $25 million over the next 15 years or so. House Speaker Mike Madigan didn't say why, only that "it's still under consideration."
When a reporter told Madigan him that ADM wants an answer by the end of the year, the Speaker said "that's nice."
The legislation approved by the Senate would require Archer Daniels Midland to create 100 jobs in Chicago and move another 100 jobs from an out-of-state facility to Decatur.
Gov. Pat Quinn had said that he wouldn't consider any tax incentive package until pensions were taken care of; despite yesterday's action, the governor was unwilling to take a stance on ADM's request when reporters asked him about it last night.
On Monday, an Illinois House committee debated a separate measure to give ADM, Office Depot, and chemical distributor Univar a tax credit, while also creating a new tax on satellite television services. But it has yet to go anywhere.