A Republican US senator from Illinois submitted to the state general assembly a bill guaranteeing benefits to mining companies.
Senator Sue Rezin is best known for authoring Law 3643, which granted benefits to data centers across the state three years ago. The new initiative is amendments that update the law to version SB 3643 and extend the benefits to cryptocurrency miners.
This week, the bill was supported by Democratic Senator Julie Morrison of Illinois. On February 16, the document was presented to the state legislature.
The tax incentive program for data centers has been in place since 2019. According to a 2020 Illinois Department of Commerce report, more than $160 million in tax credits have been extended to six data center operators. The report says 120 jobs will be created and $1.6 billion will be invested.
To qualify for the program, miners must invest at least $250 million, create at least 20 jobs, achieve carbon neutral production status or green building certification. Benefits can be extended to both new members and in-state businesses, subject to eligibility.
The state of Illinois has a high rate of adoption of cryptocurrencies. Late last year, Illinois Democratic Representative Marie Newman publicly announced her acquisition of more than $200,000 in GBTC and COIN shares. . In 2018, Illinois legislators were considering a bill to allow taxes to be paid in cryptocurrencies.
Source: Bits
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