• September 21, 2023


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Illinois Legislators Considering to Provide Tax Benefits to Bitcoin Miners

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Illinois Senate Bill 3643, which would expand the tax relief program from data centers to cryptocurrency miners, was introduced in mid-January by Republican Senator Sue Rezin, and last week it was supported by Democratic Senator Julie Morrison.

The tax relief program mentioned in the bill has been in place since 2019. According to the report of the Illinois Department of Commerce for the middle of 2020, six data center operators received tax benefits in the amount of more than $160 million. Thanks to this policy, 120 jobs were created and investments were made in the amount of $1.6 billion.

To qualify for the program, applicants must make an investment of at least $250 million, create at least 20 jobs and be carbon neutral. The program exists for both new members and existing organizations in the state.

According to the text of the document 3643, this program will be extended to crypto miners. First of all, we are talking about enterprises in Illinois.

In addition to Illinois, the states of Texas and Kentucky are also striving to become crypto mining centers.