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.
Sen. Andy Manar, D-Bunker Hill, is the sponsor of a Senate bill to give ADM a tax credit in exchange for creating new jobs in Chicago and Decatur, if the company moves its global headquarters from Decatur to Chicago.
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.
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.
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.
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.
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.