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Exchange Owner Cite Illinois Taxes in Move Threat
CHICAGO (AP) -- Officials of CME Group Inc., which owns two major futures exchanges, cite Illinois' business tax in a threat to move jobs out of the state.

CME Group chairman Terrence Duffy says company officials are evaluating a move, but a decision hasn't been made. Chief Financial Officer James Parisi says Illinois' tax hike in January to 9.5 percent from 7.3 percent cost CME an extra $50 million a year.

Duffy tells the Chicago Sun-Times he is upset by the state's failure to close corporate tax loopholes. He says they favor some companies but leave others, including CME, to pay the full rate.

CME owns the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile Exchange. Duffy said CME could retain some operations in Illinois if it relocated.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
06 09 11 by Newsroom
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