Lawmakers' plan to cut a tax deal with Illinois businesses is likely going to cost the state 850-million dollars a year. The idea is to keep companies like Chicago's Mercantile Exchange from leaving Illinois. The original package would've required that CME only pay taxes on trades that originate in the state.
But the cost of the package sky rocketed when lawmakers and Governor Quinn added breaks for Sears plus earned income tax credits for individuals. Quinn's office says the 850-million-dollar loss wouldn't impact the state for at least three years. That's about the same time the temporary income tax hike is set to expire.