Illinois governor opposes ADM tax incentives without pension fix

CHICAGO Fri Oct 4, 2013 11:18am EDT

Governor of Illinois Pat Quinn addresses the first session of the Democratic National Convention in Charlotte, North Carolina, September 4, 2012. REUTERS/Jessica Rinaldi

Governor of Illinois Pat Quinn addresses the first session of the Democratic National Convention in Charlotte, North Carolina, September 4, 2012.

Credit: Reuters/Jessica Rinaldi

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CHICAGO (Reuters) - Illinois Gov. Pat Quinn is opposed to giving Archer Daniels Midland Co tax incentives to retain a global headquarters there until lawmakers address the state's pension problems, a spokesman said on Friday.

ADM last week said it was considering locations for a new corporate headquarters that would improve access to transportation and help attract employees. The company has been the dominating corporate presence in the central Illinois city of Decatur for 44 years.

ADM on Tuesday told state lawmakers it wants to stay in Illinois and asked for legislation that would allow it to apply for income tax incentives worth about $1.2 million a year for the next 15 to 20 years .

Following the hearing, a spokesman for Quinn said the governor had not taken a position on the incentives and needed to review the request the same as any other proposal.

ADM is one of four large players known as the "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Bunge Ltd, Cargill Inc and Louis Dreyfus Corp.

Illinois finished its June 30 fiscal year with a deficit topping $6 billion, $9 billion in unpaid bills, and a worst-in-the-nation pension underfunding of $100 billion.

(Reporting by Tom Polansek)

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Comments (4)
actnow wrote:
I guess Pat and the Democrat gangsters in Springfield and Chicago will eventually drive out all of our companies and tax paying citizens. That seems to be their objective. I guess when we leave, Pat and his good buddies can figure out how those left behind will deal with it.

Oct 04, 2013 1:38pm EDT  --  Report as abuse
georgebeacher wrote:
As much as I don’t vote for Democrats or Republicans this Governor has done two things right so far! No pay for legislators and no tax breaks until they fix the pension problem in Illinois. Keep it up and I might just be voting for you. Unless a better Libertarian candidate comes forward before the next election.

Oct 04, 2013 1:39pm EDT  --  Report as abuse
georgebeacher wrote:
actnow = tax breaks do not equate to more taxes. They gave Walgreens as $46 million dollar tax break to create job. Walgreens fired many long term employees and hired new ones at a much lower rate and also outsourced their IT/Network Dept to India and fired more than a hundred high paid technicians and engineers resulting in a net loss of tax revenue and more unemployment in Illinois and beyond.

Oct 04, 2013 1:48pm EDT  --  Report as abuse
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