Ill. Gov. Pat Quinn said he's not going to get into a bidding war with other states that are trying to entice Sears to move its corporate headquarters out of Illinois.
The Democratic governor told reporters Thursday that a proposal to give Sears $150 million worth of tax relief is "more than adequate" to keep the company from relocating its headquarters from northwest suburban Hoffman Estates. Illinois lawmakers earlier this week shot down a package of tax incentives that included the Sears tax breaks, but Quinn said he'll work with lawmakers to re-tool the legislation in order to keep the company here.
"It began here in Illinois, it should stay here in Illinois," Quinn said of Hoffman Estates-based company. "I think our particular proposal to Sears is a fair one and I think it's more than adequate."
Quinn was responding to news that the state of Ohio is offering Sears a $400 million package to relocate to the Buckeye State. A spokeswoman for Sears declined to confirm that report.
Sears is giving lawmakers until the end of the year to come up with a package of tax breaks, otherwise the company has threatened to leave the state. A $250 million omnibus tax bill, which included the tax breaks for Sears and Chicago-based CME Group, was overwhelmingly voted down by the Illinois House Tuesday. Both companies have said they may relocate if they don't get some relief from a recent increase in the state's corporate taxes.
Quinn said Thursday he hopes lawmakers can agree on a tax break package by the end of the year, though he stopped short of saying he'd call them back to Springfield for a special session.
"I hope we can get all the folks together - particularly in the House - that did not approve this measure, to take another look," Quinn said.
The governor reiterated his support for a Senate-passed version of the tax package that also includes tax credits for low-income families. Some Republicans had objected to that provision, but Quinn said he's not backing down from it.