Senator Sue Rezin is known as the author of Act 3643, which granted benefits to data centers in the state three years ago. The new initiative is an amendment that updates the law to SB 3643 and extends the benefits to cryptocurrency miners.
The bill was supported this week by Illinois Democratic State Senator Julie Morrison. On February 16, the document was presented to the state legislature.
The data center tax credit program has been in place since 2019. More than $160 million in tax credits have been extended to six data center operators, according to a 2020 Illinois Department of Commerce report. The report said 120 jobs were created and $1.6 billion was invested.
To qualify for the program, miners must invest at least $250 million, create at least 20 jobs, and become carbon-neutral or green building certified. The benefits can be extended to new entrants as well as existing businesses in the state – as long as they meet the requirements.
The state of Illinois has a high level of acceptance of cryptocurrencies. Late last year, Illinois Democratic State Representative Marie Newman publicly announced the purchase of more than $200,000 worth of GBTC and COIN stock. In 2020, Illinois joined the ranks of other U.S. entities recognizing the legal validity of smart contracts and blockchain records. In 2018, Illinois lawmakers considered a bill to allow cryptocurrency taxes.