According to the Chicago Tribune, a new property tax break has been approved by the Cook County Board for quantum computing development on Chicago’s Southeast Side. This incentive will provide a significant reduction in taxes for these businesses over a period of 30 years.
The board unanimously passed this measure as part of their commitment to support Illinois’s efforts in attracting PsiQuantum, a tech company that plans to invest billions into developing a quantum computer at the dormant South Works site, formerly owned by U.S. Steel. The development of this nearly 500-acre property will be led by Related Midwest and CRG and will be anchored by PsiQuantum, which is based in Palo Alto, California.
Known as Class 8 MICRO incentive, this program offers tax relief through reducing the tax rate from 25% to just 10% at the designated site for three decades. It should be noted that this incentive cannot be renewed beyond its initial term. In addition to providing tax breaks, Cook County also plans on investing $5 million towards developing Quantum and Microelectronics Park at South Works.
