SPRINGFIELD, Ill. – State Senator Dave Syverson joined lawmakers this week in backing a tax relief package aimed at keeping Sears and Chicago Mercantile Exchange here in Illinois and add incentives to help other employers in Illinois.

Although Syverson backed the legislation, he also warned it was only a Band-Aid to stop an immediate short-term loss of 10,000 direct jobs and up to 20,000 indirect jobs.

The measure, Senate Bill 397, addressed a number of business concerns in addition to the relief given to Sears and the Chicago Mercantile Exchange. The legislation included R & D tax credits for all employers (helps companies like Woodward and Sundstrand), added loss carry forward for all small employers (especially important for manufacturing), estate tax relief (important for Illinois farmers) and extended the Biofuels tax credit in Illinois.

“I’m all for doing whatever we can to keep Sears and the Chicago Mercantile Exchange and their 10,000 plus jobs here in Illinois, ” Syverson said. “But a better solution would have been an overall change in our corporate tax rate and our regulatory environment which would help all of our employers.” Unfortunately with the makeup of the legislature and our current Governor sweeping economic reforms are not going to happen in Illinois like we have seen in Indiana, Wisconsin and other job-friendly states.

“While Illinois can grow out of its financial problems, the state cannot tax or regulate its way into prosperity, something the Federal Government doesn’t understand either.” Syverson said