Gov. Pat Quinn is proposing a plan to end some corporate tax breaks that he says would raise about $450 million for Illinois annually. (Photo courtesy ChrisEaves.com/flickr)
By The Associated Press
SPRINGFIELD - Gov. Pat Quinn says proposed legislation to end some corporate tax breaks is the best way to help pay down $9 billion in overdue bills.
The governor told The Associated Press yesterday that his plan is sound, even though last year he signed legislation approving tax breaks for Sears and CME, which had threatened to leave the state. He says that was different because it saved thousands of jobs.
The Chicago Democrat called for closing three so-called loopholes during last week's budget address - including by starting to tax foreign dividends of multinational corporations.
He says his plan would raise $450 million annually, and ``It's the way to go.''
Business leaders object, saying it would hurt job creation and could be unconstitutional.