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posted: 10/1/2013 4:24 PM

ADM seeks Ill. tax breaks of around $20 million

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  • ASSOCIATED PRESSAn Illinois House committee meeting in Chicago Tuesday discussed a proposed incentive package created to persuade ADM to keep its global headquarters in the state.

      ASSOCIATED PRESSAn Illinois House committee meeting in Chicago Tuesday discussed a proposed incentive package created to persuade ADM to keep its global headquarters in the state.

 
Associated Press

Archer Daniels Midland Company has told an Illinois House committee it's seeking about $20 million in tax credits as it decides whether to keep its global headquarters in the state.

ADM consultant Mike Kasper told lawmakers Tuesday that the agribusiness wants legislation letting it apply for tax credits worth around $1.2 million annually for 20 years.

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One legislator asked ADM's chief financial officer how a comparatively small credit mattered to a multibillion-dollar company. Ray Young said watching "nickels and dimes" has made ADM successful.

The executives added they're no longer pursuing one proposal that ADM also receive a break on utility taxes.

ADM wants to move its global headquarters out of Decatur in central Illinois. It will keep the bulk of its operations there.

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