Skip to comments.Plan would give ADM tax breaks to stay in Illinois
Posted on 09/28/2013 11:47:19 AM PDT by Olog-hai
Illinois lawmakers are considering a tax incentive package in hopes of persuading agribusiness giant Archer Daniels Midland Company not to move its global headquarters out of the state.
The proposal filed Friday in the Illinois House would give ADM a 10 percent break on utility taxes for up to 30 years and a credit against some state income tax withholdings. The value of the incentives was not disclosed.
The package was introduced by state Rep. John Bradley, a Democrat from Marion who is chairman of the House Revenue and Finance Committee. The committee is scheduled to meet Tuesday in Chicago to consider investment tax credits, though specific legislation to be discussed has not been posted.
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all the other companies not getting this tax break should pack up and leave.
I think all companies should be paying the same tax rate, no favorites should be played by government.
Tax breaks for the rich? Obviously a bribe not to leave a state ravaged by Democrat taxing and spending. Write Springfield for your bribe now before the Spring rush.
I thought liberals were against big business getting “subsidies” from government?
Illinois should pay them to leave...the country.
*snicker* that will last about as long as a dollar bill on a New York sidewalk. As soon as they decide that they need more revenue for a pet project they will pull a Jerry Brown on them and slap a retroactive tax that will make up for the shortfall. You were promised a tax break? Sorry, we are several billion short this quarter and have decided that we can not afford to actually allow you to have the largesse we promised you.
This is just a shakedown. On a total basis of total tax burden, Illinois is about in the middle of the pack, despite all the hype about the recent increase in the corporate income tax. That’s why virtually no companies are leaving, and neither woult ADM but hey, why shouldn’t they go for free stuff like everybody else?
What! But leftists claim tax cuts don’t create growth & increasing taxes helps the economy.
That’ll be an ex post facto law. ADM will pull out even faster, never mind sue the state.
What a shocker, a Democrat acting like a “right-wing Republican” in order to keep business in his state. Hypocrisy be damned, right?
Democrats know how to play the political game better than the GOPe. Having the media standing with them helps much too
Who was it that said, and correctly at that, “Only the little people pay taxes.”?
Note: POS does not stand for Point Of Sale. Although it could stand for Perpetual Odumu Supporter. (/sarc)
They can only push so far.
I lived there, but I got out before the wealth had declined to the point where the rot became obvious. I took my high-tech skills and good job with me, too - I was never replaced.
I’ll be glad to move back, but I’d like some tax breaks. For example, to be taxed for income, sales, and state/local property taxes no higher than the lowest 25% of the rest of the states, for as long as I live there. Otherwise, they can sit and spin.
Actually, now that I think about it... it has been a few years since I last attempted to figure them all out, and at the very least petrol prices have almost doubled along with basic food prices so I might well be over 50 percent at this point.
Oh, yes: forgot “Insurance”.
I don’t think they actually care about state tax revenues from one company or another. I think they offer these breaks for the “one hand washes another” deal.
Someone doesn’t want the envelopes to stop coming in.