Cook County Board Approves New Class 8 MICRO Property Tax Incentive

(Cook County, IL) - The Cook County Board of Commissioners on Sept. 19 approved an amendment to the property tax incentive ordinance aimed at positioning Cook County as a leader in the growing semiconductor and microchip manufacturing industries. The Class 8 MICRO incentive, effective immediately, aligns with the State of Illinois’ Manufacturing Illinois Chips for Real Opportunity (MICRO) Act and offers significant tax reductions to manufacturers of semiconductors, microchips and associated components. 

"As we stand at the threshold of a new technological revolution, Cook County is taking bold steps to ensure we remain a prime location for participating in the 5th Industrial Revolution, which includes the growth and integration of quantum computing and microelectronics into our daily lives," said Cook County Board President Toni Preckwinkle. "By offering this new targeted incentive that makes investing and operating a business in Cook County more attractive, we’re signaling to companies at the forefront of innovation that Cook County offers a competitive, supportive hub and ecosystem for investment and growth." 

Properties benefiting from the Class 8 MICRO incentive will receive a reduced property tax assessment rate of 10 percent for 30 years, instead of the standard 25 percent rate. The incentive is not renewable, ensuring that its benefits are used strategically to foster sustainable economic development. To qualify for the incentive, properties must be located in an area that has been certified as in need of substantial revitalization. 

The Class 8 MICRO incentive builds on Governor J.B. Pritzker’s MICRO Act, signed into law in April 2022, which provides up to 100 percent in income tax breaks for facilities located in underserved areas. Together, these measures make Cook County and Illinois more attractive destinations for quantum computing and microelectronics operations. 

One planned beneficiary of this new incentive is the Illinois Quantum and Microelectronics Park, a recently announced transformative development on Chicago’s southeast side at 8080 S. Lake Shore Drive. Once the site of the U.S. Steel South Works plant, which closed over 30 years ago, the park is set to serve as the home for PsiQuantum, a California-based quantum-computing company leading the charge in building the first utility-scale, fault-tolerant quantum computer in the U.S.  

Both the County and the City of Chicago would review the incentive application before it took full effect at the park. 

"Quantum computing is revolutionizing our ability to process complex data at speeds unimaginable just a decade ago," said President Preckwinkle. "This park will not only transform our region's economy but also redefine industries like traffic management, healthcare, and finance." 

Cook County has committed $5 million to support the development of the Illinois Quantum and Microelectronics Park, which is expected to generate over $20 billion in local economic impact and create hundreds of high-quality jobs for residents in the coming years. 

Industry experts project that demand for quantum computing technology will grow from approximately $1 billion domestically today to more than $170 billion globally by 2040, reflecting the integration of new technology throughout the world. 

President Preckwinkle also highlighted the critical role that the Greater Chicagoland Economic Partnership, a collaboration between Cook County, the City of Chicago, and the six other counties in northeast Illinois, plays in attracting business and economic development to the region. 

"Together, we’re not just creating a quantum computing hub—we’re laying the foundation for a more prosperous future for our communities on the southeast side of Chicago—and the region as a whole," she said. 

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