Skybox Chicago One provides optimal tax incentives
Skybox Chicago I is specifically designed and optimized to qualify for Illinois Data Centers Investment Program along with local 6B Incentives available within Elk Grove Village.
The Chicago site provides tenants with exemptions from a variety of state and local taxes providing ability to purchase qualified tangible personal property that is devoid of sales and use tax for up to 20 years.
The campus has already qualified for 6B Incentives and has a plan with the Illinois Department of Commerce and Economic Opportunity to streamline the incentives application approval upon lease execution maximizing available savings over the investment time frame.
Cook County 6B Program
Cook County offers tax abatement programs to encourage private enterprise to develop real estate in the county in order to maintain and increase job opportunities, thereby resulting in an increased tax base for the entire county.
Currently, the property taxes for industrial properties are assessed at 25% of the fair market value of the property. Properties approved under these abatement programs allow the owner a property assessment of 10% for a period of 12 years, resulting in a sizable reduction of property taxes.
For more details about Cook County's 6B program, click here.
Illinois Tax Incentives
The data center investment program offers owners and operators exemptions from a variety of state and local taxes for qualifying Illinois data centers. The program also provides data center owners and operators with a tax credit of 20% of wages paid for construction workers for projects located in underserved areas.
“[This is] a giant step in aligning Illinois to 30 other states that offer incentives to attract data centers,” said Tyler Diers, legislative relations director for the Illinois Chamber of Commerce, a major proponent of the data center tax intensive, in a statement. “This proposal will offer our downstate communities a shot at the digital economy, while providing great paying, local IT and construction jobs. The Illinois Chamber applauds this bipartisan effort to strengthen our technology ecosystem.”
For more details on Illinois Data Center Tax Incentives program, click here.