Officials hope that a new Illinois business tax program will lure data-tech companies to the state.
Illinois Tax Law: New Incentive to Attract Data-Tech Companies
Thirty other states have done it. Now it’s Illinois’ turn.
State legislators ratified a bill that will give massive tax breaks to companies that invest at least $250 million to develop area data centers. Businesses that build in under-served communities will enjoy additional and significant income tax credits. However, to qualify for certain construction tax breaks, contractors must comply with “responsible bidder” parameters outlined in the Illinois Procurement Code.
When speaking about state infrastructure initiatives, Governor Pritzer said the data centers were as important as roads, trains, and schools.
“With the legislation I signed into law, we are welcoming a surge of economic development, labor income, and good union jobs to Illinois — and not just here in the established market of Chicago, but across our whole state,” enthused Pritzer.
The Illinois tech-data tax break is a bipartisan effort. Representative Tom Demmer of Dixon praised the new program and predicted that it will “spur hundreds of millions of dollars in new investments.”
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