Governor Promises to Improve Business in Illinois

April 05, 2011

The largest manufacturer in the state will remain in Illinois, as long as the state makes some changes.

Governor Pat Quinn today met with Caterpillar Inc. CEO Doug Oberhelman in response to a March 21st letter the company leader sent saying that other states were trying to lure the company out of Illinois due to an increase in the income tax rate.

Quinn raised the corporate tax rate from 4.8 percent to 7 percent in January.

Peoria-based Caterpillar Inc. employs more than 23,000 people in the state; that is a company we don’t want to lose.

“I think Caterpillar is here to stay,” Oberhelman said Tuesday following the one-hour meeting with the governor near the company’s headquarters.

The decision came after Quinn agreed to help try to improve the business climate in our fiscally struggling state. He vowed to help revamp the state’s worker compensation program, which is among the most expensive in the nation for employers, and to push for the greater export of Illinois products.

The governor also invited the Caterpillar CEO to serve on a council that will work to double the state’s exports in five years.

Governor Quinn said that he knows Illinois must work hard to improve its economy and its fiscal image.

“We’ve got to work together with companies and workers to make Illinois products the envy of the world,” said Quinn.

Categories: Economy

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