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The Governor of Illinois, J.B. Pritzker, approved a plan that would help to bolster the state’s tech industry, which would be aimed at “making Illinois the nation’s leader in quantum computing” (Adams, 2024). The plan would include a $500 million incentive package and would allow for an expansion of the tax credit program which would extend to industries focused on research and development and also film. Moreover, the program would broaden the eligibility requirements to accommodate for companies in the early stages of development in the electric vehicle (EV) and microchip industries. The Reimagining Energy and Vehicles (REV) Program has given $1 billion in credits to manufacturing companies that are related to the EV industry or renewable energy. The REV Program will now include companies that are in early stages of research and development, steel manufacturers with net zero carbon emissions, and companies that build electric aircrafts.

The legislation was made to attract businesses to Illinois, generate jobs, and encourage growth in key sectors. Based on estimates, the program will generate approximately $21 billion in state revenue over the next 30 years. Alongside the tax credits, the program would also designate a “quantum campus” in Illinois where the businesses in the area would receive tax breaks similar to an existing enterprise zone (Adams, 2024). It is likely that the quantum campus will be built either in or near Chicago since there is already the Chicago Quantum Exchange, which is a partnership between major universities and the Chicago’s national labs. Additionally, a federally supported research center - Bloch Quantum Tech Hub – and quantum startups EeroQ, qBraid, and MemQ are located in the Chicagoland area. 

This is not the first time when Illinois has been at the heart of developments in the internet. Nearly 30 years ago, companies including PayPal and YouTube were created in the state. According to Governor Pritzker, “‘We were poised in the early 90s and late 80s to be the leading state for development of the internet and most people had no idea what the internet was in 1990… Nobody in the state had a strategy for ‘how do we keep those companies or the development of that industry in Illinois?’ There was no strategy and it got up and left.’” (Adams, 2024). Pritzker wants to ensure that mistakes from the past are not repeated. Instead, Pritzker and other Illinois officials have opted for an industry-specific economic development model that focuses on Illinois’ infrastructure, workforce, and community support. These factors will allow for these new developments in the technology sector to flourish and generate prosperity for the state.

 

Source: https://capitolnewsillinois.com/news/quantum-technology-companies-set-for-big-tax-incentives-under-new-law