Senger Supports Sears-CME Legislation

Citing a strong need to provide job-creating incentives to businesses reeling from a poor economy and higher taxes, state Rep. Darlene Senger (R-) supported a newly brokered deal headlined by incentives for Sears and the CME Group. 

“While I believe that the Democrat imposed corporate tax increase should just be repealed to level the playing field, the political reality was that this was all we were going to get,” Senger stated.   “And there was enough good in the bill, such as the R&D tax credit extension, to warrant support.”

The legislation, SB397, was an assortment of tax credits and incentives, many of which were lifted from the House Republican jobs package introduced earlier this year.   

Included in this proposal were the following components:

• Extension of the Research and Development Tax Credit for an extra five years
• Reinstatement of the Net Operating Loss Carryover deduction aimed at helping financially tenuous companies offset corporate taxes to retain jobs
• Extension of the Investment Tax Credit for five years under the Corporate Personal Property Replacement Tax

“According to COGFA, the package will provide nearly $150 million in tax relief to companies in FY13 across Illinois while ensuring several major employers in the area remain where they are,” Senger added.  “Also, we have a major fledgling R&D corridor here in the area working to get off the ground.  The net operating loss and tax credit components should lend a helping hand to current and future tenants of that area.”

The legislation overwhelmingly passed the House on an 81-28-7 roll call.  The Illinois Senate is scheduled to convene tomorrow to take action on the legislation.