Illinois officials decide to table vote on tax break for ADM

23 October 2013 23:39  [Source: ICIS news]

HOUSTON (ICIS)--Illinois politicians looking at keeping Archer Daniels Midland (ADM) from exiting its current location in Decatur by offering nearly $24m (€18m) in tax credits confirmed on Wednesday that a vote on the matter has been temporarily tabled.

The Illinois House Revenue Committee had been set to consider a proposed amendment on Tuesday to House Bill 380, which would give the world’s largest corn processor payroll tax credits over the next decade that officials said ADM has been seeking in exchange for remaining in the state.

State Representative John Bradley (Democrat), who was the main proponent of the amendment, said that the incentives for ADM were still under consideration but he was not sure when the matter would come to a vote.

Illinois-based ADM announced in late September that it was reviewing options to relocate its global headquarters from Decatur in order to grow the company’s presence and increase its accessibility to customers. The company said it could locate its corporate team at a new site and create a new information technology center at the same location.

Company officials said ADM was still in discussions with state officials and had no further update on either the tax package or plans to move.

Speculation has grown that the company is looking at seriously at choosing from Atlanta, Dallas, Minneapolis or Saint Louis as it searches for the right fit of commerce, transportation and quality-of-life issues desired by its current and future employees.

ADM has said the company would continue to maintain some operations in Decatur as well as its regional headquarters in Rolle, Switzerland; Sao Paulo; and Shanghai.

($1 = €0.73)

By: Mark Milam
+1 713 525 2653

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