West Cook News

The Cook County Board of Commissioners approved an amendment to the property tax incentive ordinance on September 19, aiming to position Cook County as a leader in the semiconductor and microchip manufacturing industries. The new 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 its benefits are used strategically to foster sustainable economic development. To qualify for the incentive, properties must be located in an area certified as needing 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 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 on Chicago’s southeast side at 8080 S. Lake Shore Drive. This site was once home to the U.S. Steel South Works plant which closed over 30 years ago. The park is set to serve as home for PsiQuantum, a California-based quantum-computing company leading efforts to build the first utility-scale fault-tolerant quantum computer in the U.S.

Both the County and City of Chicago would review the incentive application before it takes 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 developing the Illinois Quantum and Microelectronics Park expected to generate over $20 billion in local economic impact while creating hundreds of high-quality jobs for residents.

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.

President Preckwinkle also highlighted Greater Chicagoland Economic Partnership's critical role—a collaboration between Cook County, Chicago City, six other counties—in attracting business development.

"Together we’re not just creating a quantum computing hub—we’re laying foundation future prosperity communities southeast side Chicago—and region whole," she said.