SPRINGFIELD, IL—Illinois is currently home to three automotive assembly plants located in Belvidere (Stellantis), Chicago (Ford Motor Co.) and Normal (Rivian). But, the Land of Lincoln hopes to attract more automakers and suppliers by offering them incentives to assemble various types of EV products.
To achieve that goal, Governor J.B. Pritzker recently signed the Reimagining Electric Vehicles in Illinois Act (REV). The incentives package is designed to benefit the state's entire EV ecosystem.
REV aims to make Illinois a hub for EV and battery production. Specifically, the legislation includes tax credits for income tax withholding, training costs, tax exemptions and investment credits, as well as allowing local jurisdictions to abate property taxes for EV projects.
The credits range from 75 percent to 100 percent of income tax withheld for creating new jobs or 25 percent to 50 percent for retained employees, depending on various factors such as company location.
Additional enhancements include a 20 percent price preference for EVs built in Illinois for state procurements and the creation of an EV Permitting Task Force to ensure that permits for EV projects are streamlined
“By signing REV into law, we’re making clear to the world that Illinois is open for business and on track to be the best place in the nation to manufacture and drive an electric vehicle,” says Pritzker.
“It's no secret that transportation is the leading source of climate pollution, so we’re incentivizing green economic development,” explains Pritzker. “It's good for business and it's the right thing to do. REV is about acknowledging there doesn't need to be a trade-off between a cleaner environment and more jobs.”
“This law builds on our state's proud history of auto manufacturing and positions Illinois to become a national leader in electric vehicle and battery production,” adds Mark Denzler, president and CEO of the Illinois Manufacturers' Association. “These incentives will encourage economic investment, allowing us to keep and grow good-paying manufacturing jobs in an exciting and flourishing industry.”