Sears May Move Headquarters Out Of Illinois Over Higher Taxes
More Illinois businesses are looking to make the move across the state line if Springfield doesn’t come up with lower tax incentives and come up with them fast. That’s not good news, especially if one of those teetering companies is your employer.
Sears Holdings Corporation is looking to possibly move its Hoffman Estates headquarters to either Ohio or Texas. Along with over 6000 jobs as well. Sears is asking the state, and Governor Pat Quinn, to reinstate tax breaks given to the company over 20 years ago. If that doesn’t happen, Sears says that there is a strong possibility that it will move the Chicago area location out of Illinois.
In addition, CME Group Inc., parent of the Chicago Mercantile Exchange and the Chicago Board of Trade, along with Ford Motor Company are also letting Governor Quinn know that if some sort of business tax relief plan is not in the works soon, they could too explore options outside of the state.
Governor Quinn and Democratic state legislators need to pass bills which include massive tax relief for Illinois businesses so companies will want to stay and move to Illinois to do business.
This past January, Governor Quinn and the Democratic controlled legislature in Springfield passed one of the biggest income tax and corporate tax hikes in Illinois history. This past January, Illinois State Treasurer Dan Rutherford and Illinois State Comptroller Judy Baar Topinka blasted the passage of the state income tax hike that Governor Pat Quinn signed into law. Is there any wonder why companies continue to plan their exit strategies for more business friendly environments? No, there isn’t.
Should Governor Quinn and Springfield repeal the tax hikes which passed earlier this year so as to stimulate business growth in Illinois? You can comment below.
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