SB2188 Summary

• Extends the timeframe for data center carbon neutral certification from 90 days to 2 years after being placed in service to qualify for tax exemptions and credits.

• Extends the South Suburban Brownfields Redevelopment Fund from fiscal year 2021 to fiscal year 2031, allowing continued funding of eligible brownfield projects in the Cook County area.

• Modifies the New Markets Development Program Act by eliminating automatic application processing timelines and granting the Department authority to adopt rules for eligibility criteria, application procedures, and award processes.

• Extends the sunset date for qualified equity investments under the New Markets Development Program from fiscal year 2021 to fiscal year 2026, requiring General Assembly reauthorization thereafter to continue the program.

• Takes effect immediately upon becoming law.