Smells Like Goodbye: Jimmy John's Bails Out of Illinois?
Illinois could be smelling less delicious in the near future thanks to the state's new tax regime. Jimmy John's founder and majority-owner Jimmy John Liautaud is packing his family's bags for Florida and he's thinking about moving his company headquarters out-of-state, too:
"I could absorb this and adapt, but it doesn't feel good in my soul to make it happen," Liautaud said….
Liautaud said he has been contacted by "multiple pro-business states" that made him feel "wanted and important."
"I enjoy being courted and the process," he said.
Liautaud said Indiana was one attractive destination, citing the full-page ad taken out by Indianapolis in Illinois newspapers touting its "Midwestern work ethic and conveniences in a "much more stable, affordable and pro-growth economic environment."
Losing the Champaign-based company would cost Illinois about 100 jobs and the business of another 190 monthly visitors. Surprisingly, the administration is not ready to apologize:
Spokeswoman for the Illinois Department of Commerce and Economic Opportunity Marcelyn Love said that the corporate income tax will "help stabilize the budget, making Illinois more attractive to businesses."
As long as Illinois' government sticks to its guns, it should expect an increasing number of goodbyes from its impressive corporate roster.
More from Reason on the state fiscal crises here.