Illinois House to return for CME, Sears tax breaks
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.
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.
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.
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.
An aide to House Republican leader Tom Cross said yesterday no decision has been made, and negotiations will continue.