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  Illinois House tests CME Group, Sears bluff
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Last EditedRP  Nov 30, 2011 05:05pm
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CategoryProposed Legislation
AuthorKristen McQueary
News DateWednesday, November 30, 2011 11:00:00 PM UTC0:0
DescriptionThe bill’s failure was so pronounced, an audible gasp swept through the chamber as the tally flashed on the boards. [99 no, 7 yes]

The bill would have allowed CME Group, which operates two futures exchanges, and Sears to take advantage of tax relief worth more than $200 million. The bill also included an expansion of the state’s Earned Income Tax Credit, which provides tax relief to working poor families, and included new tax credits aimed at research and development.

Without relief, both companies threatened to move out of Illinois.

The bill passed the state Senate but landed in a more skeptical House, even though legislative leaders and Gov. Pat Quinn spent months negotiating its terms. They included a sprinkle of tax relief for working families in an effort to avoid any appearance of special treatment for deep-pocketed corporations.
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