$100 million tax break

Today, the Illinois Legislature will most likely pass Senate Bill 397 and approve a tax break for the Chicago Mercantile Exchange (CME) and the Chicago Board of Exchange (CBOE) to the tune of $100 million a year.

Today, the Illinois Legislature will most likely pass Senate Bill 397 and approve a tax break for the Chicago Mercantile Exchange (CME) and the Chicago Board of Exchange (CBOE) to the tune of $100 million a year. (For more about exactly how the bill works, go here).

This bill is moving after a year of CME and CBOE threatening to leave Illinois and take all of their jobs with them. And in a political climate that is so focused on jobs and job creation, legislators have buckled under the pressure.

Using special tax loopholes to retain businesses that are threatening to leave Illinois is the wrong way to do business.

States and localities should attract and retain businesses based on the quality of their infrastructure, markets, education and public services. Businesses should thrive based on their ability to be productive and innovative, not through special favors and loopholes.

Why aren’t legislators saying that?

Authors

Celeste Meiffren-Swango

State Director, Environment Oregon

As director of Environment Oregon, Celeste develops and runs campaigns to win real results for Oregon's environment. She has worked on issues ranging from preventing plastic pollution, stopping global warming, defending clean water, and protecting our beautiful places. Celeste's organizing has helped to reduce kids' exposure to lead in drinking water at childcare facilities in Oregon, encourage transportation electrification, ban single-use plastic grocery bags, defend our bedrock environmental laws and more. She is also the author of the children's book, Myrtle the Turtle, empowering kids to prevent plastic pollution. Celeste lives in Portland, Ore., with her husband and two daughters, where they frequently enjoy the bounty of Oregon's natural beauty.

staff | TPIN

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