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Illinois has an opportunity in the very near future to safeguard more than 45,000 jobs for Illinois families. This is achievable by making our state's business taxes more equitable for growth industries, as part of a package to provide more general relief for taxpayers. I support a bill pending in the General Assembly that would renew a tax credit for research and development activities and establish a tax system that would no longer penalize Chicago's financial exchanges for investing in and developing global electronic markets.
Currently, Illinois taxes CME Group and CBOE on every trade conducted electronically, even though customers are located across the U.S. and in 150 countries. This means that CME, for example, pays the most corporate income taxes of any company in Illinois, even though it is only 17th in size of earnings. Many rival states recognize this inequity and are aggressively recruiting the Chicago exchanges by promising fairer tax treatment and hundreds of millions of dollars in incentives.
Why should you care? Because the potential move of these exchanges to other states would mean loss of tens of thousands of exchange-related jobs and the economic vitality for Illinois that accompanies them.
State Sen. Bill Brady
Bloomington, IL
Illinois has an opportunity in the very near future to safeguard more than 45,000 jobs for Illinois families. This is achievable by making our state's business taxes more equitable for growth industries, as part of a package to provide more general relief for taxpayers. I support a bill pending in the General Assembly that would renew a tax credit for research and development activities and establish a tax system that would no longer penalize Chicago's financial exchanges for investing in and developing global electronic markets.
Currently, Illinois taxes CME Group and CBOE on every trade conducted electronically, even though customers are located across the U.S. and in 150 countries. This means that CME, for example, pays the most corporate income taxes of any company in Illinois, even though it is only 17th in size of earnings. Many rival states recognize this inequity and are aggressively recruiting the Chicago exchanges by promising fairer tax treatment and hundreds of millions of dollars in incentives.
Why should you care? Because the potential move of these exchanges to other states would mean loss of tens of thousands of exchange-related jobs and the economic vitality for Illinois that accompanies them.
State Sen. Bill Brady
Bloomington, IL
