Illinois Governor J.B. Pritzker's tax incentive proposal to make Illinois a quantum computing hub has advanced in the state legislature. The bill, sponsored by state Rep. Dave Vella, aims to attract companies in the emerging quantum tech industry. The package includes tax incentives for quantum, as well as other economic development initiatives such as electric vehicle manufacturing, research and development, and riverfront redevelopment. The legislation is part of Pritzker's plan to position Illinois as a leader in industries of the future. The programs are estimated to cost nearly $300 million over the next 30 years, but state officials expect billions in new tax payments from the economic activity they will generate. The bill awaits consideration in the Illinois Senate [45bab849].
In an effort to boost the quantum tech industry, Illinois Governor J.B. Pritzker's tax incentive proposal has made progress in the state legislature. The bill, sponsored by state Rep. Dave Vella, aims to attract companies in the emerging quantum tech industry by offering tax incentives. The proposal is part of Pritzker's broader plan to position Illinois as a leader in industries of the future. In addition to tax incentives for quantum tech, the package includes economic development initiatives such as electric vehicle manufacturing, research and development, and riverfront redevelopment. While the programs are estimated to cost nearly $300 million over the next 30 years, state officials anticipate that the economic activity generated by these initiatives will result in billions of dollars in new tax payments. The bill is currently awaiting consideration in the Illinois Senate [45bab849].
Illinois lawmakers are close to finalizing a $53.1 billion state budget, with the Senate advancing the spending plan to the House. The budget largely reflects the budget framework introduced by Gov. J.B. Pritzker in February, including investments in early childhood programs and K-12 education. The budget includes nearly $750 million worth of tax hikes and other revenue enhancements to bring the spending plan into balance. Taxes on sportsbooks like FanDuel and DraftKings would increase, as well as the tax on income generated by video gaming terminals. The budget also includes provisions for pension reform in the fall session. Senate Republicans voted against the budget, criticizing the levels of funding for migrants and tax hikes. Other legislative measures include banning 'captive audience meetings,' prohibiting the use of AI to create child pornography, and codifying that Illinois hospitals must provide any medically necessary treatment to a person at risk of severe injury or death. [06319b5d]