ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
In 2011 state and local government agencies in Illinois provided a $250 million incentive package to prevent Sears Holdings Corporation (owner of the Sears retail chain) from moving out of state. On the state level, the subsidy included $150 million in EDGE tax credits over 10 years based on its employees' state income tax withholdings. On the local level, the company was granted a 15-year extension of its property tax abatement, worth about $125 million.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.
As no official source could be obtained, this measure is coded "amber".
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