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* 4:12 pm - It’s a late Friday afternoon, so I can’t say that I’m surprised that Gov. Pat Quinn signed the CME/Sears corporate tax cut bill.
However, the governor’s bill action announcement didn’t include the companion bill, SB 400. I gotta figure Quinn will probably want to do a media event when he signs the Earned Income Tax Credit increase into law. That bill would be “good” press, while the corporate stuff is apparently in need of weekend burial.
* 4:27 pm - From a press release…
Statement from Mayor Rahm Emanuel on the Signing of Illinois Tax Reform Legislation
This tax reform legislation will protect thousands of jobs in Chicago and keep the CME Group where it belongs, here in the city. I want to thank the Governor and the Illinois General Assembly for their work to modernize our state’s tax policy and bolster Chicago’s economic competitiveness now and into the future.
* 4:29 pm - From Sears spokesman Chris Brathwaite…
“We are pleased that Governor Quinn today signed legislation designed to keep Sears in Illinois. We applaud the governor for his leadership and recognition of Sears’ contributions to our state – thousands of jobs and hundreds of millions of tax dollars. And, we once again thank the General Assembly for the considerable time and effort lawmakers put into this package to ensure it was passed by the end of the year. In particular, Senate President John Cullerton, House Speaker Michael Madigan, Senate Minority Leader Christine Radogno and House Leader Tom Cross along with Senate Revenue Chairwoman Toi Hutchinson (D- Olympia Fields) and House Revenue Chairman John Bradley (D-Marion) and our local legislators - Senators Dan Kotowski (D- Park Ridge) and Matt Murphy (R- Palatine) and Representative Fred Crespo (D- Hoffman Estates). We look forward to remaining in Illinois and building on our long and rich history here.”
* 4:32 pm - From a press release…
CME Group Commends the State of Illinois’ Efforts to Address Corporate Tax Disparity
CHICAGO, December 16, 2011 – CME Group, the world’s leading and most diverse derivatives marketplace, today commends the State Legislatures’ efforts to address the corporate tax disparity in Illinois.
“We are pleased that Illinois Governor Pat Quinn and the State Legislature have addressed the inequitable distribution of corporate taxes currently levied on CME Group,” said CME Group Executive Chairman Terry Duffy. “This necessary adjustment to the Illinois corporate tax laws will put CME Group on more equal footing with other Illinois companies and other global exchanges. CME Group has been a part of Chicago for more than 160 years and, because of the efforts of Governor Quinn, Senate President John Cullerton, House Revenue Committee Chairman John Bradley, Senate Minority Leader Christine Radogno, Senator Toi Hutchinson and other members of the State Legislature, we will continue to call the great State of Illinois and City of Chicago the risk management capital of the world.”
Duffy also recognizes Mayor Rahm Emanuel for his extraordinary efforts and leadership in securing CME Group as a mainstay in Illinois and the City of Chicago for the next 160 years.
* 4:43 pm - From the Chamber…
Chamber Applauds Measures to Attract and Keep Illinois Jobs
Chicago - The Chicagoland Chamber of Commerce commends Governor Pat Quinn today for signing SB 397, legislation that provides much-needed relief for Illinois businesses, large and small. The bill addresses key concerns of the business community and paves the way for Sears and the CME Group to continue their long history as Illinois-based companies. Additionally, all small, medium and large Illinois businesses and farmers will benefit from the bill signed today.
The Chamber also recognizes and thanks the General Assembly for their hard work on crafting and passing the bill earlier this week, especially Senate President John Cullerton, GOP Senate Leader Christine Radogno, Speaker Michael Madigan, and House Leader Tom Cross. Representatives John Bradley and David Harris, and Senator Toi Hutchinson are commended for their determination to see through the passage of tax relief and incentives for businesses to help keep employers in the state.
“This is a move in the right direction by the Governor and Legislature to make Illinois friendly to business,” said Jerry Roper, President and CEO of the Chicagoland Chamber in response to the Governor’s action. “Not only will Sears and the CME Group continue to remain in Illinois, but the entire Illinois business community will benefit from these important tax changes.”
posted by Rich Miller
Friday, Dec 16, 11 @ 4:13 pm
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You are a 100% correct.
Comment by mokenavince Friday, Dec 16, 11 @ 4:19 pm
It will be a great day when the Governor signs the EITC bill. He has been advocating for a more generous Illinois EITC for YEARS, and I am delighted that we are finally moving in the right direction.
Comment by soccermom Friday, Dec 16, 11 @ 4:21 pm
Per Hinz… CME has also offically announced that they are staying.
Comment by dave Friday, Dec 16, 11 @ 4:31 pm
Press Release Rhetoric: It makes for horrible Thank You cards.
Comment by Dirty Red Friday, Dec 16, 11 @ 4:35 pm
Rahm is a wholly owned subsidiary of the 1%.
Comment by Bill Friday, Dec 16, 11 @ 4:37 pm
I guess corporate welfare doesn’t bring as much admiration compared to helping the poor; so not a good photo op and/or presser.
Comment by Wensicia Friday, Dec 16, 11 @ 4:44 pm
When I figure out how much tax break Sears gets, I am going to Sears and see if I can get the same discount on a TV or something.
Comment by mushroom in the dark Friday, Dec 16, 11 @ 4:46 pm