ILLINOIS AT RISK OF LOSING MAJOR EMPLOYERS AND THOUSANDS OF JOBS
The state of Illinoiscould soon find itself in the midst of a mass corporate exodus. Several major employers, including Sears Holdings Corp., Caterpillar and the CME Group, are threatening to leave the state in search of more friendly corporate tax environments. These three companies alone employ more than 30,000 workers in the state, but thousands more could be impacted as the departures ripple through the local economies that depend on these firms and their employees. The state may be willing to negotiate with these companies in order to prevent them from leaving, but Illinois, like many other states, is facing significant budget deficits. How could the loss of major employers impact the recovery in Illinois? Should the state negotiate better tax terms to keep employers in the state? Could tax breaks tied to job creation help spur growth or will it accelerate the departure of employers?