ADM asks for incentives to stay

Published 10/01 2013 09:33PM

Updated 10/09 2013 11:09AM

Latest: 10:08 pm, 10/8/13, Tuesdsay
DECATUR -- One of the state's largest companies is looking to move out of state. Last month, ADM announced it's moving its global headquarters and 100 jobs out of the city.

Tuesday, a newspaper in Minnesota stated a search firm met with leaders in Minneapolis and St. Paul. State lawmakers are debating whether or not to offer the company incentives to entice them to move to Chicago instead.

Update: 4:37 pm, 10/4/13, Friday
DECATUR -- Governor Quinn is putting his foot down on tax breaks for ADM. He says he will not approve any incentives to keep the company in Illinois, at least not until lawmakers fix the public pension systems.

ADM announced last month plans to move its headquarters out of town. It's asking the state for $24-million in tax breaks.
Original: 9:33 pm, 10/1/13, Tuesday
DECATUR -- State lawmakers may give tax incentives to ADM. The company is asking for help to keep its global headquarters in Illinois.

ADM announced last week it was searching for a spot outside Decatur. The company is looking at Chicago.

At a hearing Tuesday, ADM asked for $20 million in tax breaks over 20 years. One revelation from the meeting was the company admitting there are years it has not paid much in Illinois taxes. Good Jobs First, a watchdog group, says it's because companies like ADM do not have to include payroll and property in their tax liability.

"When computing how much of their U.S. income should be taxed in Illinois, the only thing they count is sales and what share of their sales are made in the state of Illinois. Obviously, Illinois is only about 4 percent of the economy of the country, so companies have very small shares of their sales to national markets in Illinois," said founder and director Greg LeRoy.

ADM will not say what other cities it's considering for its global headquarters, but reports suggest Minneapolis, St. Louis and Indianapolis could be on the list.

Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Featured Coupon


Featured Business