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  1. #1
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    Albuquerque, NM
    Rep Power

    Default Illinois bill would “claw back” subsidies from companies who leave

    I am all for this!

    JOLIET, Ill. — While Donald Trump bribes companies to stay in the U.S. with no assurance they will, Democrats in the Illinois state legislature have introduced a bill to rescind forever state subsidies to firms that promise to create jobs, grab tax dollars, and then leave.

    For years, across the nation state and local governments have been giving huge tax breaks to lure firms to set up business in their jurisdiction with no guarantees that the businesses will stay put.

    For example, to keep the Carrier air conditioner company from sending jobs from Indiana to Mexico, Trump bribed the firm with $7 million in tax incentives. And did not ask for a commitment for the outfit to stay.

    Countering this trend, Illinois State Rep. Michael Halpin and several other Democrats, have introduced the Keep Illinois Business Act, which “provides that any recipient business that chooses to move all or part of its business operations and the jobs created by its business out-of-state shall be deemed to no longer qualify for state economic development assistance, and shall be required to pay to the relevant state granting agency the full amount of any economic development assistance it received.”
    Illinois bill would

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  3. #2
    Retired !

    Join Date
    Feb 2009
    Local Union
    Retired - New Penn
    South Jersey
    Rep Power

    Default Re: Illinois bill would “claw back” subsidies from companies who leave

    Good !
    Let's not forget Oreo's and Mondelez.
    Chicago-based Mondelez International Inc., best known as manufacturer of the Oreo cookie, is the most recent example of how companies can hedge tax breaks at taxpayer expense, the Tribune found.
    Mondelez announced in July that about 600 workers would be laid off from its Chicago factory on South Kedzie Avenue. The production line is being moved to Salinas, Mexico, to save money, officials said.
    But Mondelez operates a second manufacturing facility in Naperville that is licensed as a limited liability company, Mondelez Global — a common corporate maneuver for tax and liability purposes.
    The Naperville facility received an EDGE contract in 2013 and agreed to invest $35 million in the facility and create 25 new jobs. One arm of the company thus became eligible to receive tax breaks for adding 25 jobs while another arm laid off 600.
    Corporate greed combined with smoke and mirror accounting.
    Yet, some feel corporations shouldn't pay taxes.
    How much should we allow them to get away with ?

    Illinois businesses get lucrative EDGE tax breaks, fall short of job goals - Chicago Tribune

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