Posted on 12/06/2011 5:47:00 PM PST by george76
Without a fresh round of tax incentives, two iconic Illinois companies might soon be on the move.
The companies -- Sears Holdings and CME Group -- are the latest in a series of Illinois firms to threaten departure after the state temporarily raised corporate taxes earlier this year.
Sears Holdings, which has 6,100 employees at its corporate headquarters and operates both K-Mart and Sears stores, is looking for its current package of tax incentives to be extended.
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The stakes are high. Earlier this year, Caterpillar threatened to leave Illinois, an announcement that sparked something of a relocation competition among neighboring states.
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Faced with a daunting $13 billion budget deficit earlier this year, state legislators opted to raise personal and corporate income taxes.
Companies now have to pay a 7% corporate tax rate for the next four years, up from the previous 4.8%. And Illinois businesses are already subject to a 2.5% surcharge.
Along with the corporate tax hike, lawmakers raised the personal income tax rate to 5%, up from 3%.
"The state continues to spend more than it takes in," said Laurence Msall, president of the non-partisan Civic Federation. "They've dug a hole so big that even an enormous tax increase hasn't balanced the budget."
(Excerpt) Read more at local10.com ...
C’mon down to Tennessee.
East St. Louis is in Illinois.
So you meant to write East St. Louis? Glad you clarified that. I know the residents of East St. Louis don’t refer to themselves as St. Louis.
CUT GOVERNMENT SPENDING!!!
Cut it in D.C. and California and Illinois.
Cut it in Greece and Italy and Spain, Portugal, Ireland.
I like Kasich but how much did it take to entice Ford? I'm sure the cost to Ohioans are hidden in the details.
It’s what it is. Illinois will NEVER become red. Chicago is their Achilles heal. It’s sad what has happened to IL. They won’t EVER vote republican and vote freedom. Their map sucks.
Come to Indiana. Our state just found billions in over tax funds and we citizens may get a refund. The refund may equal $50.00 but it is something.
And then you have this little thing in Texas, "Corporations with a Texas charter and non-Texas corporations doing business in Texas must file a Texas franchise tax return." Called the: "The Franchise Tax"
Still like visiting Chicago, but wouldn’t want to live there.
Don’t let a minor thing like geography trouble you...
Explain yourself, if you can.
(Highlight the "blank" above...)
Makes me wonder why Boeing ever made the decison to move it’s corporate HQ from Seattle to Chicago?
I read it the wrong way. My mistake. Thanks for clarifying.
Go SEARS!!! We left Chicago as soon as the 66% tax increase went into effect!!!
any business would be crazy to go to Detroit..at the drop of a hat your store may get burned out or bombed...
A large company moves in and more are employed and paying taxes and there are less on workmans comp...
If your going to drive on the toll roads, make sure you have plenty of cash on hand. Tolls are doubling at the first of the year. They are really sticking it to visitors that don't have an Ipass. Ipass tolls are doubling, but will still be half as much as cash..
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