An attempt to give tax breaks for Illinois businesses, including some big companies that are threatening to leave the country, suffered a serious setback Thursday as the home of Illinois rejected proposal by an overwhelming margin.
The House vote came after the Senate approved the tax by the sound of 36-18.
The package will provide about $ 85 million in tax relief for corporate finance CME Group Inc. and CBOE holding Corp., both of whom have threatened to leave Illinois unless they get a break. Sears Holdings Corp., also said it might Leave, will get a $ 15 million annually to break over the next decade.
It also covers other breaks that apply for Illinois businesses in General, including research and development credit, and changes in the way of losses may be applied to tax bills.