Illinois lawmakers reach deal to keep Sears HQ in state
Chicago -- Illinois House leaders have agreed to pass tax breaks in order to keep Sears Holdings Corp. from abandoning its Hoffman Estates, Ill., headquarters in search of a new out-of-state home, according to Reuters.
The deal is also designed to keep Ill.-based securities and commodities trading company CME Group in-state as well.
The House had previously shot down the tax package.
"We have come to an agreement on a jobs package that will give some relief to a broad base of businesses in our state," said House Minority Leader Tom Cross (R).
The agreement appears to pave the way for relief for the companies, which had threatened to leave the state over heavy tax burdens.
The Illinois House voted in November against a plan that would have given $100 million in tax relief to Sears and CME. The state Senate had previously voted in favor of the package.
The Illinois House is expected to vote on Monday and the Senate on Tuesday.