* Lots of stories have been written about the proposed ADM tax break, but others are floating around as well…
Another business incentive is being sought on behalf of the company that emerges from the soon-to-be-completed merger of OfficeMax Inc. and Office Depot Inc., if it chooses Illinois as it headquarters rather than Florida.
Zurich North America insurance wants a payroll tax break in exchange for relocating its Schaumburg offices to another location in Schaumburg. The company would retain 1,000 jobs, create at least 250 more and make capital investments of at least $128 million.
Univar, a chemical distribution company based in Redmond, Wash., is seeking incentives worth $5 million to move its headquarters to Downers Grove. Univar would keep 100 jobs at its two current Illinois locations and add at least 69 jobs.
Fred Crespo, a Hoffman Estates Democrat, is pushing incentives legislation for High Voltage Software, a video-game maker in his district. The bill would give the company tax credits it says it needs to compete with mainly Canadian competitors.
* But it’s possible that action will be deferred until pension reform is taken up…
Big decisions that Illinois lawmakers pushed back to this week’s veto session might just be pushed back again.
Sen. John Sullivan heard early this week that there’s a chance the Legislature will be called back into session after Thanksgiving so that some complex issues can be worked out during the next few weeks.
“I think that could be what happens with ADM and pension reform,” the Rushville Democrat said.
* Meanwhile, the car dealers are pushing a new bill on auto leasing…
If you were to lease a car today, chances are you’d be charged for tax on the full value of the vehicle, just like if you were buying it.
But it’s the leasing company that actually pays taxes, and — due to how the system’s set up in Illinois — it’s likely they only pay a fraction of what they’ve collected to the state.
Proposed legislation, backed by auto dealers, would change it so customers only pay tax on their monthly payments, not the full cost of the car.
The Illinois Department of Revenue supports the change. Spokeswoman Sue Hofer says Illinois won’t lose any tax revenue. “This way we know the person who drives that car off the lot isn’t going to end up paying more sales tax to the person he or she bought it from than that person pays to the state of Illinois,” Hofer says.
Dealers are saying that Illinois is way behind other states in car leasing and that this change could save people $60 a month on a car worth $32,000.
I have no way of immediately verifying that claim, however. The bill is here.
* Activists Pushing For Graduated Income Tax