IBM Lands Approval for $2.5 Billion Quantum-Computing Facility

Tech giant IBM has secured approval for a 30-year agreement to build its next-generation quantum-computing facility at its Poughkeepsie campus. The $2.5 billion project is expected to have a significant economic impact on the Hudson Valley, according to Dutchess County Legislator Kristofer Munn.

The facility will use chips made in Albany and components manufactured in Poughkeepsie. IBM will pay almost $1 million per year in taxes until 2032, with that figure increasing to around $1.3 million annually thereafter.

Munn expressed some reservations about the deal, stating that he wished IBM could contribute more in terms of taxes and benefits. He noted that the company is not struggling financially and faces competition from other states.