ANNOUNCEMENT 15 Dec 2011In December 2011, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
Kathy Bergen, "Tax breaks for Sears, CME head to governor," Chicago Tribune (December 14, 2011)
John O'Connor, "Illinois gov. signs tax breaks for Sears, CME," Associated Press (December 16, 2011)
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".