Insurance company CNA Group is one of three Chicago firms returning $34 million in tax breaks to the city.
Also among the companies returning or not accepting special taxing district funds is CME Group, parent of the Chicago Board of Trade and the Chicago Mercantile Exchange. The exchanges will save millions of dollars a year due to a state income tax break passed by the Illinois Legislature.
CNA Group is returning $13.7 million in tax-increment financing money, and Bank of America is returning $5.4 million.
Officials of Mayor Rahm Emanuel’s administration tell the Chicago Tribune both companies fell short of the 2,700 or so jobs each was required to keep in exchange for the tax breaks, which helped them make building renovations.
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Posts $43M Loss for Q2 as it Continues to Grow Customer Base 
Police Am-Bush Catches 74 Drivers Using Cell Phones 
Bring It On: AI Strategy Sways Underwriter Choices of Employers 
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
