In a significant move to bolster technological development, Mayor Brandon Johnson has unveiled a new property tax rebate program targeting the Illinois Quantum and Microelectronics Park (IQMP) in South Chicago. The Cook County Class 8 MICRO incentive identifies around 480 acres of the former U. S. Steel site at 8080 S. DuSable Lake Shore Drive as eligible for reduced tax rates.

This program proposes to lower the tax burden on properties utilized for quantum computing from an existing rate of 25% to a mere 10% for a span of 30 years. Such incentives are expected to attract investment and foster innovation in the burgeoning field of quantum computing, positioning Chicago as a leader in advanced technology. The initiative not only aims to stimulate economic growth but also promises to create substantial job opportunities, enhancing the local workforce. This strategic move aligns with broader efforts to revitalize South Chicago and promote its potential as a technology hub. By investing in quantum technology, the city seeks to ensure sustainable economic development and competitive advantage in the tech industry.

As South Chicago emerges as a focal point for technological advancements, this tax rebate program marks a crucial step in shaping its future.