Sears TIF Subsidy Extension Bill Goes Nowhere

Sears wants local District 300t axpayers to continue subsidizing it. Legislationthat Hoffman Estates Democrat State Rep. Fred Crespo sought to foist on School District 300 taxpayers, did not surface in the closing days of the Illinois General Assembly.

So the apprehension the Carpentersville-based unit district expressed are assuaged in the short-run.

District officials are talking to Sears officials.

Whether state lawmakers force local taxpayer to further subsidize Sears won’t re-surface until this fall’s veto session.

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Crystal Lake City Councilman Jeff Thorsen correctly points out in a comment that the Crystal Lake Sears is not in a TIF district.  I posted the photo of the Crystal Lake store so people could judge for themselves whether Sears is likely to be a job creator if given further massive public subsidies.


Sears TIF Subsidy Extension Bill Goes Nowhere — 3 Comments

  1. I would imagine the Illinois income tax hike only increased Sears desire in seeking an extension of their waiver.

    For tax years ending on or before December 31, 2010, corporations pay 4.8% income tax and 2.5% replacement tax.

    For tax years beginning on or after January 1, 2011, corporations pay 7.0% income tax and 2.5% replacement tax.

    In four years the rate will be 7.75% and then in 2025 it will go back to the current rate of 7.3%.

  2. I would love to see common sense TIF reforms, like the public seeing the agreement in transparent manner. Currently most consultants that write these agreements don’t even ask these companies for the their financials. No big deal for publicly traded firms, but the public has no idea about where privately held firms stand.

  3. Cal…misleading….the CL Sears store is not in a TIF….if it were it would affect dist. 47 and 155…not 300….just sayin….