IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 15 Dec 2011 | Removal date: open ended
Still in force

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".

AFFECTED COUNTRIES

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