Illinois General Assembly

Rep. Tracy Releases Statement on Defeat of Tax Package

For Immediate Release
November 30, 2011
Contact Rep. Jil Tracy
(217) 223-0833

Springfield, IL...State Representative Jil Tracy (R-Quincy) released the following statement after the House voted to reject legislation that would provide $85 million in annual tax breaks for Chicago's CME Group and $15 million for Sears Corporation.
 
"We certainly need tax reform, but reform is not simply handing millions in tax dollars to a select few Chicago investment firms. I don't want to see Sears, the Chicago Board of Trade or the Chicago Mercantile Exchange leave Illinois, but I also worry about the thousands of other businesses throughout the state that aren't going to get this preferential treatment. When will they get their large tax breaks?
 
"CME Group didn't raise the possibility of moving its business to another state until the January tax increase. The obvious solution should then be to roll back that tax hike and provide tax reform for all of the Illinois employers who have been forced to pay more. The state's job is not to pick winners and losers; the state should be focused on creating a thriving economic environment that will allow all Illinois businesses to be successful."
 
"Some of the provisions in the tax package are certainly ideas that I support. I am willing to sponsor and vote for the reinstatement of the net operating loss carry forward. I would happily support raising the estate tax exemption. But I can not support a plan that will give $100 million per year to Chicago trading firms, while businesses throughout Western Illinois continue to pay high tax rates."
 
House Bill 1883 would grant the Chicago Board of Trade and the Chicago Mercantile Exchange, as well as Sears, around $100 million in annual tax breaks. The $250 million tax break package also contains around $1 million in tax cuts for Chicago's theater district.
 
HB 1883 failed to pass the House by a vote of 99 to 8. A similar measure may be considered in the coming weeks as further negotiations continue.