CHICAGO, June 11 (UPI) -- At least three large Illinois companies have threatened to pack their bags and leave the state in response to a temporary corporate tax hike.
Terrence Duffy, executive chairman of the Chicago Mercantile Exchange Group Inc., has threatened to pull up stakes over the tax, the Chicago Tribune reported Saturday.
The Chicago Board Options Exchange has also said it is considering moving.
"Although our preference is to keep our core business in Illinois, economic realities could force us to explore alternative options," a CBOE representative said.
Caterpillar and Sears Holdings have also made threats to leave, the newspaper said.
The corporate tax was raised in January from 4.8 percent to 7 percent.
Combined with a 2.5 percent personal property replacement income tax, corporations in Illinois pay a 9.5 percent tax rate, the third highest in the country, research group Tax Foundation said.
