The Democratic and Republican leaders of the Illinois House Revenue Committee introduced a bill Sunday that gives tax breaks to CME Group Inc. financial exchange company as well as Sears, reports the Chicago Tribune. Both companies – along with the smaller CBOE Holdings, Inc. – have threatened to leave the state unless they get a tax break.
This revised version of prior tax break legislation comes as the Illinois General Assembly will meet Tuesday for the last day of their fall veto session. The legislation has a $250 million annual price tag – a reduction from the original bill, which was projected to cost $800 million each year. Much of the cost cut is thanks to a reduced increase in the earned income tax credit, EITC, to working class families.