 "We're close," Senate President John Cullerton told Crain's Chicago
Business. "They make a strong argument for a correction."The
Chicago Democrat said lawmakers are trying to figure out the
technicalities of how to reduce taxes on financial transactions
handled by CME Group Inc., which owns the Chicago Mercantile
Exchange and the Chicago Board of Trade, and CBOE Holdings Inc.,
which operates the Chicago Board Options Exchange.
The Senate's top Republican, Christine Radogno, told The
Associated Press on Thursday that she supports helping the financial
exchanges but would also like to see breaks for other businesses
affected by the state's recent income tax increase.
"What I hear from small business is, what about me?" Radogno
said.
The exchanges are taxed on all transactions they handle, even if
the buyer and seller are located outside of Illinois.
Cullerton and Radogno said they're looking at ways to tax only a
portion of the transactions.
CME Executive Chairman Terrence Duffy has contended his company
pays more in Illinois corporate taxes than any other, providing a
disproportionate 6 percent share of total receipts. He said CME's
annual expenses climbed by $50 million when the state increased
corporate taxes earlier this year to 7 percent, from 4.8 percent.
[to top of second column]
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Action could come next week, when lawmakers return to Springfield
for the first half of their fall session. They'll also convene for a
week in early November.
Rep. John Bradley, a Marion Democrat who chairs the House Revenue
and Finance Committee, said leaders also have been considering
broader changes to business taxes, but those are not ready for
action yet. Aid to the exchanges would be considered on its own, he
said.
Gov. Pat Quinn is also "working on the issue," a spokeswoman
said.
[Associated Press]
Copyright 2011 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
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