Illinois Chamber of Commerce CEO Doug Whitley and the Illinois Manufacturers' Association's Mark Denzler, from left, testified against House Speaker Michael Madigan's plan to change EDGE tax credits - changes Dept. of Commerce and Economic Opportunity Director Adam Pollet backs.
One of Illinois' main tools for attracting and retaining companies in the state would get a revamp under a plan unveiled yesterday by the Speaker of the Illinois House. It drew immediate criticism from business groups.
More than 700 companies have what are known as EDGE tax credits, given in exchange for keeping, or creating new, jobs.
House Speaker Michael Madigan says his aim in changing it is to "insure that he program is being run in a way that benefits both the recipients and the taxpayers of Illinois."
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.
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.
Advocates pass out fliers promoting it during the Pride Parade in Chicago over the summer; despite an intense campaign to legalize same sex marriage in Illinois, the legislation's sponsor remains tight-lipped about whether he has the 60 votes needed for it to pass in the House.
For the first time since a brief special session in July,legislators will begin making their way en masse to Springfield this week, for the fall veto session. The agenda before them is relatively light. The General Assembly will likely debate some budget matters. And there's a hearing on a new type of health care coverage for retired state employees. Amanda Vinicky previews what else is ahead.
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.
As Archer Daniels Midland plans to move its headquarters out of Decatur, state lawmakers are considering whether to award tax breaks to keep the agribusiness giant in Illinois.
At a legislative hearing in Chicago, representatives of ADM told lawmakers they wanted incentives worth $1.2 million a year for up to 20 years. In return, the company would keep its headquarters in Illinois, likely in Chicago.
One lawmakers says it's "essentially blackmailing the state."