CME Group eyes Illinois exit; Emanuel confident it will stay
By Kathy Bergen and John Byrne
Tribune reporters
3:46 p.m. CDT, June 9, 2011
The company that owns Chicago's two leading futures exchanges is weighing whether to move some operations from Illinois, citing the state's corporate tax rate increase.
"We're investigating what would be in the best interests of our shareholders," Terrence Duffy, executive chairman of CME Group Inc., said at the firm's annual meeting Wednesday, noting that such a move would not mean CME would abandon its presence in Chicago, home to its markets for more than a century.
The state in January raised the corporate income tax rate temporarily to 7 percent from 4.8. Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local governments. The two rates taken together come to 9.5 percent, the third-highest rate in the U.S., according to the Tax Foundation, a non-partisan Washington-based research group...
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