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Business Tax Break Bill Advances In Senate

Thu, 07 Nov 2013 05:16:34 CST
By: IPR's Brian Mackey

Plans to give tax breaks to two big corporations advanced in the Illinois Senate yesterday. Office Depot and Archer Daniels Midland are weighing whether to locate new headquarters in Illinois. IPR's Brian Mackey has more:

The newly merged Office Depot, Inc. is trying to decide whether to locate in Naperville, where OfficeMax is based, or in Boca Raton, Florida, home to Office Depot.
Ravi Saligram, outgoing CEO of OfficeMax, told Senators the company is evaluating a lot of different factors.
"We're not here to try and get to a bidding war. We just want both states to put the best foot forward."

The Senate committee approved a plan that would let the administration of Governor Pat Quinn negotiate with Office Depot over the size and duration of its tax break. The committee also approved a separate plan to give agribusiness giant Archer Daniels Midland a tax break to keep it from moving out of state. The company says it's taking 100 top jobs from its Decatur headquarters, possibly to Chicago. It's also been seen checking out Minneapolis and Atlanta, among other sites. ADM's tax package would require it to add or fill a hundred jobs a year in Decatur for five years.
Governor Quinn says he won't consider any corporate tax breaks until lawmakers overhaul state employee pensions.

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