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Cook County Creates Property Tax Break for Quantum Businesses
The Cook County Board passed a new property tax break that would give quantum computing development on Chicago’s Southeast Side a substantial reduction on their bills for three decades, reported the Chicago Tribune.
The new incentive was passed unanimously and was part of the board’s commitment to support Illinois’s landing of PsiQuantum, a tech company that will invest billions to develop a quantum computer at the dormant South Works site, the former home of U.S. Steel. Related Midwest and CRG will develop the nearly 500-acre property, which will be anchored by PsiQuantum, a quantum tech company based in Palo Alto, California.
The new Class 8 MICRO incentive provides property tax relief by reducing the tax rate at the site from 25% to 10% for 30 years. The incentive cannot be renewed. Aside from the tax break, the county plans to spend $5 million to help develop the Quantum and Microelectronics Park at the South Works site.
