Illinois: Motorola dupes Quinn; Sears thinks DC area relocation could be a capital idea

In a lame duck session five months ago, the Illinois General Assembly passed, without a vote to spare, a 67 percent personal income tax hike and a 46 percent corporate tax hike. Governor Pat Quinn quickly signed the legislation into law. Which has firms such as Caterpillar, Jimmy John's, and the CME Group--with varying degrees of seriousness--eying the Illinois exit ramp. Last month Quinn and Motorola Mobility announced with great fanfare a tax credits deal that will keep the telecom giant's corporate headquarters in Libertyville and 3,290 jobs in Chicago and the northern suburb. But hold on--the devil is in the details. It it turns out that the Motorola spinoff is only obligated to keep 2,500 jobs at the two locations. Quinn has been duped.

The Washington Post is reporting that Sears Holdings, the parent company of Sears and K-Mart, is looking at District of Columbia area locations to set up shop for its corporate headquarters--the retailer currently is based in Hoffman Estates, another Chicago suburb.

In a year end letter to shareholders, Sears CEO, Edward S. Lampert, had this to say: "Increasing taxes and regulation creates uncertainty for private businesses and individuals, which is exactly what inhibits job creation in the first place and may even make it harder for employers to maintain current levels of employment." And let me remind you, that written was before Quinn's massive tax hike was enacted.

The Post says 6,200 people are employed at the Hoffman Estates campus.

Sears has deep roots in Illinois--it was founded in Chicago in 1886.

Related posts:

Another one: Citing Quinn's tax increase, CME may leave Illinois
IL comptroller: None of Quinn's "temporary" tax increase has gone to pay off old bills
Sears threatening to leave Illinois
Quinn tax may lead to Caterpillar to leave its Illinois cocoon
Quinn's "Amazon tax" costing Illinois jobs
Gov. Quinn Pro Quo: Pat Quinn's public-sector union cash, part four
IL treasurer Rutherford says Illinois on "verge of a financial disaster"

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