* Just days after Gov. Pat Quinn announced he would veto any tax break for Archer Daniels Midland until pension reform is a done deal, the Decatur-based company sent emissaries to Minnesota…
A site selection team for Archer Daniels Midland was in St. Paul Monday, meeting with representatives of GreaterMSP, according to a source with knowledge of the situation who declined to be named. The meeting is being held at GreaterMSP’s headquarters in St. Paul’s Securian Building.
By sending representatives to the Twin Cities, the agricultural giant is at least confirming the Twin Cities as a potential relocation choice. ADM said last month that it wanted to move its headquarters and some technology jobs out of Decatur, Ill.
ADM was founded in that state over 100 years ago.
* While it would not be good to lose the company’s new world headquarters and tech sites, it might also make me chuckle a bit. Why? Well, Minnesota just raised a bevy of tax rates. From a May 21st story...
The tax bill creates a new income tax rate for top earners at 9.85 percent, 2 percentage points above the prior top rate, to generate $1.1 billion for the fiscal 2014-2015 biennium that begins July 1, according to a bill summary from House Democrats.
The top income tax rate applies to income over $250,000 for married couples and $150,000 for single filers. It will give Minnesota the fourth highest top state tax rate in the nation and apply to about 54,400 residents. […]
Minnesota also is closing some corporate tax loopholes to gain $400 million for the new budget, and the sales tax base is expanding to some select non-consumer transactions.
Since ADM is looking to locate some high-paying exec and tech jobs, most if not all of those positions would most likely be impacted by that much higher income tax rate.
* Minnesota’s corporate income tax rate, by the way, is a whopping 9.8 percent.
The state ranked 45th on the Tax Foundation’s 2013 State Business Tax Climate Index. Illinois ranked 29th.
So if ADM does move to Minnesota, Illinois’ tax rates could not possibly be blamed, which would probably make the Illinois Policy Institute’s collective head explode, and that alone would be almost worth it.