ILL Gov. Quinn Proposes Tax Legislation

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Illinois Governor Pat Quinn says proposed legislation to end some corporate tax breaks is the best way to help pay $9 billion in overdue bills.

The governor says his plan is sound, even though last year he signed legislation approving tax breaks for Sears and CME, which had threatened to leave the state. Quinn says that was different because it saved jobs. He called for closing three so-called loopholes during last week's budget address. Quinn says his plan would raise $450 million annually. Business leaders object, saying it would hurt job creation and could be unconstitutional.