Jimmy John's plans to leave state of Illinois

There are many reasons that a business will decide to make a city or state its home. One of those reasons is the corporate tax rate in the state. The changes in the tax rate can be the reason why a company chooses a location or decides to move it elsewhere.

A company that has called Illinois its home for some time recently announced its plant to move a portion of the business to Florida. The licensing department of Jimmy John's Gourmet Sandwiches will make the move after the first of the year. The owner indicated that the remaining parts of the company will also likely be moved in years to come.

The owner has not been shy in sharing what has prompted the move. The business man said he sought residency in the southern state several years ago after Governor Pat Quinn increased the corporate tax rate. At that time it was raised 2 percentage points from 3 percent to 5 percent.

While the corporate tax rate of a state is certainly one consideration for a business owner who is deciding where a company should be based, it is not the only factor. While the current corporate tax rate may be a drawback for potential businesses, there are other things in the state of Illinois that could make it appealing for some. Our last post highlighted just one of those factors. As regular readers of this blog are likely aware, Chicago Mayor Rahm Emanuel has undertaken multiple incentivizing programs.

Source: 89 WLS, "Jimmy John's. Fresh. Fast. Out of Illinois," Sept. 27, 2012

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