Gov. Pritzker Signs Reimagining Electric Vehicles Act Amendment
emerging electric vehicle (EV) manufacturing industry, Governor
JB Pritzker signed an amendment to the Reimagining Electric Vehicles in Illinois Act into law, further incentivizing EV production across the state.
“Here in Illinois, we are leading the electric vehicle revolution,”
said Governor JB Pritzker, “Today’s 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 compeitive
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 JobsA ct, the Reimagining
Electric Vehicles in Illinois Act (REV) is designed to make Illinois
a leader in the fight against climate change, making thes tate 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.
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 ofA BLE 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 toA pril 1, 2023 due
to 2022 2nd installments being delayed from August 1, 2022 to
December 30, 2022.
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