Legislative leaders, who meet privately with Gov.
“The whole goal here of course is to retain jobs in Illinois, make it more business friendly as well as provide some tax relief for individuals,” said Cullerton, D-
The negotiations continue after a Cullerton-backed plan to change the way the exchanges are taxed stalled at the Capitol last week.
CME Group, which operates the Chicago Mercantile Exchange and the
The companies argue that they are unfairly taxed because Illinois taxes are applied to all transactions, even those that originate out of state.
Changing the tax structure could save the companies more than $100 million a year, but
To that end, legislative leaders are considering a variety of suggestions, including increasing the earned income tax credit for low- and middle-income families, expanding the personal income tax exemption and re-establishing the research and development tax credit for businesses that expired in January. Those programs would be paid for by closing various corporate tax loopholes, an idea that is likely to see some resistance among lawmakers.
Senate Republican Leader
Cullerton dismissed that argument. Earlier this week, Quinn defended the tax hike, saying it was needed to prevent massive cuts to education and other areas.
In other developments, Cullerton said lawmakers haven't given up on a major gambling expansion and he expects a vote on the matter next week. The proposal faces an uncertain future after Quinn threatened to veto the package, which includes a casino for Chicago, unless lawmakers follow a framework he laid out several weeks ago.
Quinn's outline would not include slots at racetracks – a deal breaker for many lawmakers. Cullerton said negotiations are ongoing, and sponsors have agreed to a number of regulatory changes Quinn wanted.