Politics & Government

Mathias Votes for CME/Sears Legislation

State Rep. Sid Mathias cites additional job creating provisions as reason for support.

Addressing the damage caused by the majority party’s large tax increase last January, State Rep. Sid Mathias (R-Buffalo Grove) voted in support of Senate Bill 397, which included incentives for Sears and the CME Group as well as job-creating incentives to businesses reeling from a poor economy and high taxes.

Senate Bill 397 passed Monday with a vote 81-28-7. 

“While this legislation does not mitigate all the damage caused by the majority party’s tax increase, there was enough good in this bill to warrant my support on behalf of my district,” Mathias said in a statement. “Specifically, the R&D tax credit extension and the broad-based relief for large, medium and small sized business is what is desperately needed at this time.”

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Senate Bill 397 was an assortment of tax credits and incentives, many of which were lifted from the minority party jobs package introduced earlier this year.

Included in this proposal were the following components:

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  • Extension of the Research and Development Tax Credit for an extra five years.
  • Reinstatement of the Net Operating Loss Carryover deduction aimed at helping financially tenuous companies offset corporate taxes to retain jobs.
  • Extension of the Investment Tax Credit for five years under the Corporate Personal Property Replacement Tax.

“Much work remains and I will continue to focus the debate and advocate for our job-creating small businesses so they can start, stay and grow in Illinois,” Mathias said.

The leading proponents of the legislation included the Illinois Manufactures Associations, the Illinois Chamber of Commerce, Midwest Truckers Association, Caterpillar Inc., the National Federation of Independent Business and the Illinois Farm Bureau.

The legislation moved into the Illinois Senate for debate today (Dec. 13).

— Submitted by the office of Sid Mathias.


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