ADM is asking for a tax break of $20 million to consider moving its headquarters from Decatur to Chicago. Company officials went before the Illinois House Revenue and Finance Committee Tuesday in Chicago to explain their request. The company often doesn’t pay enough in state income tax to benefit fully from the EDGE tax credit, which is based on jobs added or retained, so it’s asking lawmakers to allow the tax credit against the income taxes it withholds on behalf of its employees.
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It’s a company with profits in the billions, but chief financial officer Ray Young says they don’t let small opportunities slip by. “When we think about relocation of our global headquarters and we think about locating a second technology center, we have to be mindful of our nickels and dimes, and that’s the reason why we’re talking to the state regarding looking at the EDGE program, in order to continue to participate in the growth within the state,” he testified. ADM will move its headquarters out of Decatur, and Chicago is under consideration. The company says 100 jobs would be moved out of Decatur, and 100 new jobs would be created at the new headquarters location. The EDGE tax credit, if it is granted the way ADM is requesting it, would be for $1.2 million a year for 15 to 20 years.
The company is dropping its request for a utility tax credit.