Gov. JB Pritzker has signed an amendment to the Reimagining Electric Vehicles in Illinois Act into law, further incentivizing electric vehicle production across the state.
“Here in Illinois, we are leading the electric vehicle revolution,” says Gov. Pritzker. “This REV amendment signing sends a clear message to EV manufacturers that we are the best place in the nation to call home, thanks to our competitive incentives and ambitious clean energy goals. It’s no wonder that companies like Lion Electric, TCCI and Rivian have expanded their footprints throughout our state, and I look forward to welcoming more EV businesses to Illinois in the coming years.”
In addition to the Climate and Equitable Jobs Act, the Reimagining Electric Vehicles in Illinois Act (REV) is designed to make Illinois a leader in the fight against climate change, making the state a hub for EV and auto battery production. The new incentives offered through this legislation will support existing Illinois automakers seeking to transform their current plants into EV production plants, bolster the state’s entire EV ecosystem by giving manufacturers the ability to ramp up production of EV parts, and provide those manufacturers with additional flexibility in determining which incentives work best for them as the market evolves.
Specifically, the tax credit available to Illinois automakers that retain employees as they transition to EV production is increased to 75% of their income tax at the statewide level and 100% of their income tax if they operate in an Underserved or Energy Transition Area.
The REV Illinois Act includes tax credits for income tax withholding, training costs, tax exemptions, and investment credits, as well as allowing local jurisdictions to reduce property taxes for EV projects.
Crucially, the legislation prioritizes underserved communities and communities impacted by energy transitions.
The administration is continuing to aggressively recruit businesses to relocate to Illinois, creating thousands of jobs across the state. Gov. Pritzker has also invested in an EV innovation center in Decatur and created three new manufacturing training academies in Illinois. This includes a first-of-its-kind Electric Vehicle-Energy Storage Manufacturing Training Academy, preparing a talented workforce for a career in the EV industry.
The omnibus bill also extends the sunset of ABLE account deductions for taxable years beginning prior to January 1, 2028, from January 1, 2023. ABLE accounts are tax-free withdrawal savings accounts for people with disabilities or their family members to save for disability-associated expenses. These accounts and the amounts held in them do not disqualify people with disabilities from accessing means-tested programs like SSI, SSDI and Medicaid.
The bill also reschedules due dates for Cook Country property tax payment installments from March 1, 2023, to April 1, 2023, due to 2022 second installments being delayed from August 1, 2022 to December 30, 2022.