Rauner proposes ending 'corporate tax welfare' - New York News

Rauner proposes ending 'corporate tax welfare'

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CHICAGO (Associated Press) - Republican candidate for governor Bruce Rauner says Illinois should end certain corporate tax breaks he says are unfair to working families.

The wealthy Winnetka businessman released his plan for "corporate welfare reform" on Wednesday.

It calls for capping a program that provides tax credits for companies to keep jobs in Illinois. Some of those credits - including one for Sears Holding Corp. - allowed companies to later lay off workers.

Rauner also says Illinois should end tax breaks for the oil industry and a sales tax exemption for newsprint and ink, among others.

Democratic Gov. Pat Quinn has proposed eliminating some of the same "loopholes," but the Legislature hasn't acted.

Quinn also has defended the Sears deal, saying Illinois would have seen greater job losses without it.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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