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.
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.
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.
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.
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.