House Speaker Michael Madigan readies to introduce a pension overhaul bill denounced by public employee unions, who say Illinois should instead close corporate tax loopholes. Madigan today (12/11) issued a statement saying Illinois lawmakers "must resist the temptation to cave to corporate officials' demands every time they impose a deadline for payment in exchange for remaining in Illinois."
A day after Office Depot announced it would stay in Florida rather than move to Illinois, the speaker of the House says Illinois needs to end its practice of offering tax incentives on a case-by-case basis.
The Illinois House is getting flak for adjourning earlier this month without voting on tax breaks approved by the Senate -- deals meant to lure the newly-merged Office Depot to Illinois, and to convince Archer Daniels Midland to keep its global headquarters in-state.
A newly merged Office Depot chose to locate its headquarters in Florida, instead of Illinois. A Republican candidate for governor says Illinois needs to hurry if it doesn't want a similar fate with Archer Daniels Midland.
Archer Daniels Midland is based in Decatur now, and no matter what plans to keep many of its operations there. But it's searching for a new worldwide headquarters.
Chicago's in the running, but so are major cities.
Although pensions are atop the agenda Tuesday in Springfield, the Illinois General Assembly could consider a set of tax breaks for some of Illinois' biggest corporations.
Decatur-based Archer Daniels Midland is moving its corporate headquarters, and wants a tax break to remain in Illinois, most likely Chicago. Office Depot, newly merged with OfficeMax, is deciding whether to put its combined headquarters in Florida or Naperville.
The deal would let the companies keep money they deduct from employee paychecks for Illinois taxes.
Illinois legislators wrapped up their two-week veto session this afternoon (Nov. 7), though they may be back in Springfield before the year's end.
The General Assembly knocked one, big item off its to-do list: same-sex marriage. After intense lobbying on both sides, lawmakers on Tuesday sent the governor a measure that will allow gays and lesbians to marry.
The rest of the major issues on the General Assembly's agenda remain:
-a tax package crafted to ensure Archer Daniels Midland keeps its headquarters in Illinois is on hold
A Senate panel has approved legislation that would give tax incentives to two of Illinois biggest corporations — Office Depot and Archer Daniels Midland.
ADM says it's moving its head office from Decatur to a larger city.
Chicago is thought to top the list of alternatives, but the company has also checked out Minneapolis and Atlanta. That said, ADM executive Gregory Webb told senators the company would prefer to stay in Illinois.
"We have 17,000 North American employees, and 4,500 of them are in Decatur. So Illinois is a preference," Webb said.
Director of Illinois' Department of Commerce and Economic Opportunity testifies at the House revenue committee about tax incentive options offered to companies looking to locate to Illinois, or threatening to leave the state.
State legislators are advancing a measure that attempts to lure chemical plant jobs to Illinois, but broader plans to offer companies like ADM incentives are not ready just yet.
Archer Daniels Midland is the highest-profile case of a company looking for a tax break from the state, in exchange for creating jobs. In ADM's case, the company is looking to move its global headquarters from Decatur to ... maybe Chicago, maybe a city in another state.
A key Illinois business leader says the state is facing tough competition when it comes to keeping jobs. Greg Baise is President of the Illinois Manufacturer's Association. He says controversial legislation in Illinois that would offer tax breaks to certain firms is an effort to keep pace.
Among the firms, agribusiness leader Archer Daniels Midland, which wants to move it's corporate headquarters from Decatur to a larger city. Illinois and other states are wooing the company with promises of tax incentives.
New legislation would bring jobs to Decatur as a condition for Archer Daniels Midland Company to receive state incentives it wants to keep its headquarters in Illinois.
State Sen. Andy Manar introduced an amendment Thursday to require the company to relocate at least 100 jobs from out of state to Decatur and hire at least 100 new full-time employees a year in the city for five years.
ADM announced earlier this year it will move its 100-employee global headquarters out of Decatur. ADM is reportedly considering Chicago and other cities.
Agribusiness giant Archer Daniels Midland Co. said today that its third-quarter earnings more than doubled partly on increased profit margins on ethanol. But the Decatur-based company says its results fell short of last year when adjusted to exclude an inventory credit.
Revenue fell 2 percent but beat analysts' forecasts. Net income was $476 million, or 72 cents per share, up from $182 million, or 28 cents per share, a year earlier.
Illinois lawmakers returned to Springfield Tuesday for their fall veto session. Guns, gay marriage and corporate tax breaks are on the agenda. But nothing is moving yet.
Supporters and opponents of same-sex marriage are rallying in the Capitol this week, but the sponsor of marriage legislation won't say when or if he'll call it for a vote.
Meanwhile, OfficeMax and Archer Daniels Midland are among the companies seeking millions of dollars in tax breaks to keep their corporate headquarters in Illinois, but those proposals are still being negotiated.
A huge new rail yard has been buzzing on the outskirts of Decatur, Ill. Agribusiness giant Archer Daniels Midland (ADM) recently opened the 275-acre facility that would be at home at any major port city on the coast. But it’s in the heart of Illinois farm country because farmers have been taking advantage of a new method of shipping out their products.
Archer Daniels Midland is on the lookout for a new home for its world headquarters. And it's not being limited to the midwest. The Atlanta Journal-Constitution reports ADM leaders met with Atlanta officials.
ADM has said it won't comment on sites in the running. Other reports this week has the company looking at Minneapolis. Chicago and St. Louis have also been mentioned as possibilities.
State Senator Andy Manar (D - Bunker Hill) is in his first term serving the 48th District. It stretches from Springfield and Decatur south into Madison County.
Before he was elected, Manar spent time as Chief of Staff to Senate President John Cullerton and served as Chairman of the Macoupin County Board.
Manar sat down with WUIS' Sean Crawford to talk about some of the issues facing state government, including public pensions, tax incentives for ADM, education funding and how he was considered as a possible running mate to former gubernatorial candidate Bill Daley:
When lawmakers return to Springfield for their fall session later this month, they'll be weighing requests from several international companies that want tax breaks for keeping their headquarters in Illinois. But Gov. Pat Quinn is throwing cold water on that idea.
Most of the tax-credit attention has gone to agribusiness giant Archer Daniels Midland Company, which wants up to $24 million keep its global head office in Illinois. But lawmakers have also heard requests from Zurich Insurance, based in Schaumburg, and OfficeMax, based in Naperville, and there are others.
Gov. Pat Quinn says he will veto any legislation with special tax breaks to get Archer Daniels Midland Company to keep its global headquarters in Illinois until lawmakers address the state's pension crisis. In an interview with The Associated Press, Quinn says it's ``the wrong time'' to talk about tax incentives for any company. The Chicago Democrat says the best thing the Legislature can do to help ADM or other businesses is address Illinois' nearly $100 billion pension shortfall. He wants lawmakers to act when they meet later this month.
Senate President John Cullerton says any tax-incentive package to get Archer Daniels Midland Company to keep its headquarters in Illinois should include something to make up for the loss of jobs in Decatur.
ADM announced last week it was moving its global headquarters _ and 100 jobs _ out of Decatur. The company is asking the state for $20 million in tax breaks to keep its headquarters in Illinois. Chicago officials have said the city is in the running.
The (Springfield) State Journal-Register reports (http://bit.ly/156Z8gp )
A proposed incentive package created to persuade Archer Daniels Midland Company to keep its global headquarters in Illinois is sparking debate among lawmakers. The proposal would give ADM a 10 percent break on utility taxes for up to 30 years and an income-tax credit. It's expected to be discussed at an Illinois House committee meeting Tuesday. ADM announced last week it plans to move its global headquarters out of Decatur.
Agribusiness giant Archer Daniel Midland Company says that after 44 years in Decatur, Ill., it is looking for a new location for its headquarters.
CEO Patricia Woertz says in a news release Monday that ADM needs what she called a global center with better access to customers and employees around the world. The company says it doesn't plan layoffs and will keep a workforce of 4,400 in Decatur, which also will become ADM's North American headquarters. ADM says the new headquarters would have about 100 employees.
Archer Daniels Midland says its net income fell 22 percent in the second quarter as expenses climbed. The agribusiness company also says it more than doubled its provision for a possible settlement of an overseas bribery probe that's being conducted by the federal government.