Quinn: Tax Incentives Not Ideal for Attracting Companies
Offering tax breaks to attract companies to Illinois may become a thing of the past.
After Archer Daniels Midland chose to keep its corporate headquarters in the state without tax incentives, Gov. Pat Quinn seems lukewarm to the idea of including breaks in future deals.
“The bottom line is we’ve got the best workers,” Quinn said. “It’s unlikely that we’ll be offering tax incentives Willy-nilly. I don’t think that’s a good way to go.”
Quinn believes investing in public works will be more helpful to more companies.
The Illinois House Revenue and Finance Committee is set examine whether past incentive deals have truly benefited the state at a hearing scheduled for Jan. 7.
Legislation granting tax credits to Washington-based Univar in exchange for moving its headquarters to Downers Grove is still under consideration. The state is also bidding to be the location for aircraft manufacturer Boeing’s new plant.