Illinois SB0227 provides an additional income tax credit for taxpayers investing in data centers in qualified areas.

Illinois SB0227 amends the Illinois Income Tax Act to offer an additional income tax credit for taxpayers who invest in data centers located in qualified areas. These areas include opportunity zones, R3 communities, and areas with high poverty rates, child participation in the federal free lunch program, or high SNAP assistance rates. The credit is equal to 5% of the taxpayer's investment in qualified tangible personal property used in the construction or operation of the data center. The credit is available for five taxable years after the property is placed in service.

Illinois SB0227 provides an additional income tax credit for taxpayers investing in data centers in qualified areas.

Illinois SB0227 amends the Illinois Income Tax Act to offer an additional income tax credit for taxpayers who invest in data centers located in qualified areas. These areas include opportunity zones, R3 communities, and areas with high poverty rates, child participation in the federal free lunch program, or high SNAP assistance rates. The credit is equal to 5% of the taxpayer's investment in qualified tangible personal property used in the construction or operation of the data center. The credit is available for five taxable years after the property is placed in service.