tax breaks

Families who send their children to private schools probably thought they received a break under the new federal tax law. But Illinois State Treasurer Michael Frerichs warns that's not necessarily so.

Bright Start and Bright Directions are tax-free savings plans that allow parents to pay their kids' college tuition. The new tax law says these plans, known as 529 accounts, can now be used to pay for up to $10,000 per year in private school tuition for younger kids, too.

SPRINGFIELD, Ill. (AP) - The Illinois Department of Commerce says it has reached tax-break deals with three companies following Gov. Bruce Rauner's recent decision to reinstate corporate tax incentives.

The deals through the EDGE tax-credit program, though, would not provide tax incentives until Rauner and Illinois lawmakers agree on the overdue state budget.

Plan for school funding could appeal to both sides

Oct 26, 2015

There’s no end in sight to the political gridlock in Springfield. But one group says it has an education plan it’s convinced both Republicans and Democrats could support.  That plan is a new twist on an old idea: corporations paying money into a special fund.  They’d get tax breaks.  And parents would get cash to use for the school of their choice.  IPR’s Tony Arnold explains.

State legislators are advancing a measure that attempts to lure chemical plant jobs to Illinois, but broader plans to offer companies like ADM incentives are NOT ready just yet.  IPR'S Amanda Vinicky has more.

Archer Daniels Midland is the highest-profile case of a company looking for a tax break from the state, in exchange for creating jobs. In ADM's case, the company is looking to move its global headquarters from Decatur to maybe Chicago, maybe a city in another state. But it's not the only company that wants a deal.

Some economists oppose tax incentive package for ADM

Oct 16, 2013

Archer Daniels Midland reportedly has its share of suitors as the agribusiness giant looks to move its corporate headquarters out of Decatur. Recent reports list Dallas, Atlanta, Minneapolis and Chicago as possible new locations for the headquarters and its 100 employees.

When lawmakers return to Springfield for their fall session later this month, they'll be weighing requests from several international companies that want tax breaks for keeping their headquarters in Illinois. But as IPR'S Brian Mackey reports, Governor Pat Quinn is throwing cold water on that idea.

Most of the tax-credit attention has gone to agribusiness giant Archer Daniels Midland, which wants up to $24 million to keep its global head office in Illinois. But lawmakers have also heard requests from Zurich Insurance, based in Schaumburg, and OfficeMax, based in Naperville, and there are others.  Gov. Quinn, however, says pensions need to come first.

As Archer Daniels Midland plans to move its headquarters out of Decatur, Illinois lawmakers are considering whether to award tax breaks to keep the agribusiness giant in Illinois. IPR'S Brian Mackey has more on ADM's request Tuesday for up to twenty-four million dollars in tax breaks.

At a legislative hearing in Chicago, representatives of ADM told lawmakers they wanted incentives worth $1.2 million a year for up to 20 years. In return, the company would keep its headquarters in Illinois, likely in Chicago.

Measure closing "tax loopholes" heads to the House

May 24, 2013

A measure that would close three so-called “corporate tax loopholes” in Illinois is beginning to make its way through the House. Governor Pat Quinn’s office says Illinois could bring in as much as 445-million dollars by ending the tax breaks.