Tax incentives

Desperate to retain private-sector jobs at a time of high unemployment, local and state governments doled out tax incentives to companies that threatened to leave Illinois. Special legislation was required to enact tax breaks for Hoffman Estates-based <a class="taxInlineTagLink" id="ORCRP017331" title="Sears Holdings Corp." href="/topic/business/consumer-goods-industries/sears-holdings-corp.-ORCRP017331.topic">Sears Holdings Corp.</a> and CME Group Inc., owner of Chicago's largest financial exchanges. The subsidies come despite the state struggling with lower tax revenues and a huge budget deficit. And many still question whether incentives to big companies are a wise use of economic development resources.<br>
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In this photo, Gov. Pat Quinn talks about the economy with a Tribune reporter at his office in the James R. Thompson Center in Chicago, Oct. 7, 2011.
ct-biz-top-local-tax-incentives

( Zbigniew Bzdak/ Chicago Tribune )

Desperate to retain private-sector jobs at a time of high unemployment, local and state governments doled out tax incentives to companies that threatened to leave Illinois. Special legislation was required to enact tax breaks for Hoffman Estates-based Sears Holdings Corp. and CME Group Inc., owner of Chicago's largest financial exchanges. The subsidies come despite the state struggling with lower tax revenues and a huge budget deficit. And many still question whether incentives to big companies are a wise use of economic development resources.

In this photo, Gov. Pat Quinn talks about the economy with a Tribune reporter at his office in the James R. Thompson Center in Chicago, Oct. 7, 2011.

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