CHICAGO-Archer Daniels Midland Co. spelled out the incentives it is seeking from the State of Illinois to keep its corporate headquarters in the state at a hearing on Tuesday here.
The agricultural giant, which is conducting a search for new corporate headquarters space, is seeking as much as $24 million in various perks
The firm is being courted by other states, including the state of Missouri. At a hearing of the State House Revenue and Finance Committee yesterday, Mike Kasper, an attorney representing the Decatur, IL-based firm, said the company continues to work on legislation that would allow it to retain its employees' personal income tax withholdings instead of passing them on to the state.
If the bill were passed, ADM would join a Motorola Mobility, Sears Holdings Corp., Navistar International Corp. and Ford Motor Co. that have the right to retain employees' withholdings, according to the Chicago Tribune.
ADM officials stated that when the bill is approved, it plans to submit an application through the state's Department of Commerce and Economic Opportunity for a Growing Economy tax credit of $1.2 million a year for up to 20 years.
Chicago is believed to be the preferred location for the company's new headquarters that would initially employ 100 workers. The facility would eventually house a technology center as well. The firm plans to retain 4,400 jobs in Decatur. See story in the Chicago Tribune.
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