Subsidy Tracker Individual Entry

Company: 
Sears Holdings Corp
Parent Company: 
Sears
Subsidy Source: 
multiple
Location: 
Illinois
City: 
Hoffman Estates
County: 
Cook
Project Description: 

retention of retailer's headquarters

Year: 
2011
Major Industry of Parent: 
retailing
Specific Industry of Parent: 
retail-department stores
Subsidy Value: 
$275,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Source of Data: 

The value and the breakdown of the subsidy package are taken from: Kathy Bergen, "Tax breaks for Sears, CME head to governor," Chicago Tribune, December 14, 2011. See also: John O'Connor, "Illinois gov. signs tax breaks for Sears, CME," Associated Press, December 16, 2011.

Notes: 

The $250 million subsidy package was created to prevent Sears Holdings Corp. from moving out of state. The package included state and local subsides. 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. It was the second retention package for Sears in Illinois. For the details on the first subsidy package, see the 1989 Sears deal. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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