Springfield, Ill. -- Illinois Gov. Pat Quinn signed legislation Friday that grants hundreds of millions of dollars in tax breaks and incentives aimed at keeping Sears Holdings Corp., along with CME Group Inc., which operates the Chicago Mercantile Exchange, headquartered in Illinois.
Lawmakers approved the business tax breaks earlier this month, but Quinn had not yet signed the bill. Both companies had openly threatened to leave the state without some kind of significant aid package.
The bill renews a credit Sears has been getting for years. It guarantees the retailer a $15 million break on its taxes over the next decade and extends a property-tax cut. "We applaud the governor for his leadership and recognition of Sears' contributions to our state — thousands of jobs and hundreds of millions of tax dollars," Sears spokesman Chris Brathwaite said. "We look forward to remaining in Illinois and building on our long and rich history here."