Illinois Passes Exchange Tax Breaks
After receiving House approval on Monday, followed by Senate approval on Tuesday, CME Group Inc. (CME) and CBOE Holdings (CBOE) received tax breaks from the state and ended their threat to leave the state.
Illinois Governor Pat Quinn is expected to sign the deal into law.
The deal will bring the exchanges a combined $85 million in savings with CME's tax bill cut by approximately $77 million and CBOE at approximately $8 million, according to Reuters.
In response to the news, CBOE said the breaks will enable the "exchanges to retain Chicago's rightful status as a world financial center."
CME has not commented.
Sears is the third company of the trio threatening to leave the state and after Tuesday's approval, they will see $15 million in tax breaks.
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