Inside these posts: Tax incentives

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Blackstone Hotel, others helped by poverty tax aid

From The New York Times’ DealBook | Chicago’s posh Blackstone Hotel, which charges visitors up to $699 per night, benefited from federal aid that targets poor communities, Bloomberg Markets reports in its March issue. Renovations for the hotel were financed by Prudential Financial, which received a $15.6 million tax credit from the New Markets Tax Credits program, a $10.1 billion incentive for companies to develop poor neighborhoods and towns.

Obama urges overhaul of ‘burdensome’ tax code

President Barack Obama speaks at the U.S. Chamber of Commerce on Feb. 7, 2011 in Washington. (Mark Wilson/Getty Images)

President Barack Obama said Monday he wanted to lower the corporate tax rate and pay for it by eliminating tax loopholes, and requested support from the business community to achieve that goal.

“Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world,” Obama said in a speech to the U.S. Chamber of Commerce.

Obama’s visit to the powerful business lobby group is his latest effort to improve relations with the corporate world and shift to the political center, following big losses for his Democrats in November elections. Get the full story »

Mitsubishi to produce Outlander Sport in Illinois

2011 Outlander Sport

Mitsubishi will invest $45 million to produce a new Outlander Sport crossover at its Normal plant beginning in 2012, the company announced Friday with Gov. Pat Quinn.

The deal is backed by $30 million in tax incentives and is expected to breathe new life into a facility that has faced an uncertain future for years. Get the full story »

Mitsubishi to announce new vehicle for Normal

Mitsubishi Motors Corp. is poised to announce the production of a new vehicle at its Normal plant today in a deal backed by $30 million in government incentives. The deal is expected to breathe new life into a facility that, for years, has operated with an uncertain future.

The plant produces the Galant, Endeavor, Eclipse and Eclipse Spyder, among the oldest and least popular of the Mitsubishi line. The Japanese auto manufacturer has announced plans to phase out their production by 2014, a move that would have eventually meant layoffs in Normal and an end to Mitsubishi production in the U.S. Get the full story »

Wisconsin firm plans aluminum plant in Illinois

Gov. Pat Quinn says the American Aluminum Extrusion Co., an aluminum extruder and fabricator based in Beloit, Wis., is investing $7.5 million to open a plant in the Winnebago County town of Roscoe. Quinn says the plant is expected to employ 130 people. Get the full story »