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?