Jimmy John's Headquarters May Be Leaving Illinois

By WEEK Reporter

January 19, 2011 Updated Jan 19, 2011 at 11:35 PM CDT

Governor Pat Quinn signed the state's income tax increase last week, with the intention to cut Illinois's budget deficits.

Opponents of the hike said the decision could cost the state jobs by chasing away residents and businesses.

Wednesday, the founder of Jimmy John's announced he is considering moving the chain's headquarters out of Illinois.

Crain's Chicago Business reports that the move is prompted by the State Legislature's hike on corporate income taxes.

The Company's headquarters is located in Champaign.

The owner told the Champaign News Gazette that he's angry the corporate tax rate is being increased to 9-point-5 percent from 7-point-3 percent...and individual taxes to 5 percent from three percent.

The owner of Jimmy Johns says he has applied for Florida residency.

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