Gov. Pat Quinn has signed the controversial tax break package into law that passed the General Assembly earlier this year. The deal will cost the cash-strapped state an estimated $371 million annually.
The deal will net a combined $100 million in tax savings for the Chicago Board Options Exchange, the CME Group, and Sears as well as an investment tax credit for smaller businesses, an increase to the estate deduction, and include a $2 million incentive package meant to lure higher-profile shows to Chicago's theatre district.
Soon after the bill's signing, a CME Group top executive celebrated the package's success.
"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," CME Group Executive Chairman Terry Duffy said, according to the Chicago Tribune. "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."
Mayor Rahm Emanuel also voiced his happiness with the deal.
"This tax reform legislation will protect thousands of jobs in Chicago and keep the CME Group where it belongs, here in the city," said Mayor Rahm Emanuel in a statement after the bill's signing. "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."