SPRINGFIELD – During the Illinois General Assembly’s current veto session, the Illinois House and Senate passed to Governor JB Pritzker an update to the already in-effect Reimagining Vehicles Act (REV Act) that could allow more Illinois manufacturers to be eligible for state tax incentives.
Under the current REV Act, manufacturers had to show that they are making parts to be used only in electric vehicles and that was their “primary” reason for making the parts in order to qualify for state tax breaks.
Under the newly-revised REV Act sitting on Governor Pritzker’s desk, manufacturers can make parts for conventional autos (for example, steering wheels, tires, etc.) but also apply for REV credits, because the parts also are needed in electric vehicles. No longer will manufacturers have to “primarily” be making these parts for vehicles – they could be making other things, as well.
Moreover, even if manufacturers have projects subject to existing agreements under Illinois’ EDGE Tax Credit Act, those agreements may qualify as REV Illinois projects.
The stipulations to apply for the tax credits are that the investment level a manufacturer is making must be a minimum of $20 million and a minimum of 50 employees hired.
For more information on this Illinois tax incentive development, contact the Dept. of Commerce and Economic Opportunity at 217-782-7500 and ask for the Division of Business Development or email them at CEO.TeamREDinquiries@illinois.gov.
