WBEZ | CME http://www.wbez.org/tags/cme Latest from WBEZ Chicago Public Radio en Illinois House to return for CME, Sears tax breaks http://www.wbez.org/story/illinois-house-return-cme-sears-tax-breaks-94667 <img typeof="foaf:Image" src="http://llnw.wbez.org/archives/images/cityroom/cityroom_20100528_newsintern_658358_Lawm_large.png" alt="" /><p><p>Illinois lawmakers will be returning to the state Capitol for another try at passing tax relief for businesses, including some big corporations threatening to leave the state.</p><p>Speaker Michael Madigan announced the House will hold a special session on Monday in another effort to move the bill forward. The bill sailed through the Senate in November.</p><p>But last week the House overwhelmingly rejected the tax break bill that would, in theory, help keep big companies like the Chicago Mercantile Exchange and Sears in the state. CME has been threatening to re-locate if a deal isn't brokered soon. Adding pressure are other states trying to woo Sears with big incentives.</p><p>The $250 million tax package also includes breaks for small businesses and low-income families. But lawmakers are now talking about splitting up the bill into several pieces and holding multiple votes.</p><p>An aide to House Republican leader Tom Cross said yesterday no decision has been made, and negotiations will continue.</p></p> Wed, 07 Dec 2011 12:59:00 -0600 http://www.wbez.org/story/illinois-house-return-cme-sears-tax-breaks-94667 Tax incentive bill may have something for everyone http://www.wbez.org/story/tax-incentive-bill-may-have-something-everyone-94330 <img typeof="foaf:Image" src="http://llnw.wbez.org/archives/images/cityroom/cityroom_20100430_shudzik_714110_Comp_large.png" alt="" /><p><p>A bill with tax incentives for big companies and working families is expected to come before the Illinois legislature next week. It's been dubbed a "Christmas Tree" bill because it's got a little something for everyone.</p><p>The bill started out as tax incentive to persuade corporations like Sears and CME to stay in Illinois. But Democrats want to add tax incentives for individuals and working class families. Republicans want to add tax incentives for small businesses. Meantime, Ill. Gov. Pat Quinn wants to make sure it all passes.</p><p>"You know it has to be a reasonable bill - it can't be overloaded. So we'll sit down over the next few days and hopefully come up with a good proposal to get some majority support," Quinn said in a news conference on Tuesday.</p><p>Sears has threatened to leave the state if a new tax package isn't passed soon. If the legislature can't pass a bill next week, it'll have to wait until lawmakers return in January.<br> &nbsp;</p></p> Wed, 23 Nov 2011 17:47:00 -0600 http://www.wbez.org/story/tax-incentive-bill-may-have-something-everyone-94330 Sears tax arrangement draws questions from Hoffman Estates schools http://www.wbez.org/story/sears-tax-arrangement-draws-questions-hoffman-estates-schools-93842 <img typeof="foaf:Image" src="http://llnw.wbez.org/archives/images/cityroom/cityroom_20100223_san_72657_Sear_large.png" alt="" /><p><p>Supporters of a northwest suburban school district are worried a plan to give tax breaks to Sears could hurt their district for the next 15 years.&nbsp;</p><p>There's a one-of-a-kind tax district in Hoffman Estates called an Economic Development Area - or EDA. It was designed in the late 1980s to keep Sears in Illinois until 2012 by giving the company tax breaks.&nbsp; <a href="http://www.ilga.gov/legislation/97/SB/09700SB0397ham002.htm">An amendment filed Monday</a> for the state Senate bill aimed at retaining big companies like Sears would also extend the EDA.&nbsp;</p><p>The EDA's land is in school district 300 and they are thus eligible for property tax money. Allison Strupeck is the Director of Communications for the district. Although her district's schools are not located in Hoffman Estates, she said of the roughly $16 million dollars in school property taxes paid by businesses within the EDA, only $2.9 million actually goes to schools. She said more money should be making it to schools, but that millions are instead going to the Village of Hoffman Estates.</p><p>"We want to make sure that any legislation does not give unnecessary and inappropriate funding to the Village of Hoffman Estates which manages this Economic Development Area," Strupeck said. "Nobody really knows what the Village of Hoffman Estates does with the $5.5 to $6 million dollars that it gets every year in school property taxes from the EDA."</p><p>Strupeck said parents and concerned citizens have filed Freedom of Information Act requests to learn how the Village spends the money it receives, but so far they have not been successful in getting information.</p><p>Hoffman Estates Mayor Bill McLeod called district 300's complaints a smear campaign. He said the the EDA gets yearly audits and is regulated by the state. He said audit information is freely available on <a href="http://www.hoffmanestates.com/index.aspx?page=560">the Village's website</a>. He also said money the Village gets from the EDA goes to maintaining the area.</p><p>Both the district and the Village want Sears to stay in Hoffman Estates, but the district is lobbying for additional oversight of the EDA written into the current legislation.</p><p>The House is expected to review the bill Tuesday morning.</p><p><em>Correction: An earlier version of the story misidentified the school district lobbying against the EDA legislation. </em><em>District 300 does not operate any schools in Hoffman Estates.</em></p></p> Tue, 08 Nov 2011 13:03:00 -0600 http://www.wbez.org/story/sears-tax-arrangement-draws-questions-hoffman-estates-schools-93842