Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website
Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website
A new property tax rebate program approved by the City Council will aid the Illinois Quantum and Microelectronics Park (IQMP) in South Chicago. The Cook County Class 8 MICRO incentive applies to around 480 acres of the former U.S. Steel site at 8080 S. DuSable Lake Shore Dr., reducing the tax rate on properties used for quantum computing from 25 percent to 10 percent for a duration of 30 years.
Cook County introduced this program in September, aligning with the State of Illinois' Manufacturing Illinois Chips for Real Opportunity (MICRO) Act. This act provides significant tax reductions to research and development companies, as well as manufacturers of semiconductors, microchips, and quantum computers.
The IQMP aims to be a multi-billion-dollar global hub for quantum-enabled research and technology. Related Midwest and PsiQuantum are developing its initial phase, which will include a 300,000-square-foot operations center. This phase is projected to generate over $125 million in new property taxes, inclusive of the rebate, compared to current levels.
The location north of the Calumet River was previously used for steel production from 1880 until 1992 and is currently vacant.
The Class 8 MICRO incentive adds to existing Cook County property tax programs such as Class 6, 7, 8, and L that encourage revitalization of underutilized industrial and commercial sites. Unlike other county tax incentives, this program does not qualify for renewal.
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