Building on Illinois' role as a leading state in the burgeoning electric vehicle (EV) manufacturing industry, Governor JB Pritzker signed the Reimagining Electric Vehicles in Illinois Act into law, incentivizing EV production across Illinois.
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The new incentives benefit the state's entire EV ecosystem, by helping to build facilities, train Illinois graduates, and create thousands of jobs. This is a major step towards one of the administration's bold benchmarks: putting one million electric vehicles on the road by 2030.
Following the state's historic Climate and Equitable Jobs Act, the Reimagining Electric Vehicles in Illinois Act (REV) sets out to make Illinois a hub for EV and auto battery production.
More 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. EVs include vehicles exclusively powered by electricity and include electric cars and motorcycles. Crucially, the legislation prioritizes underserved communities and communities impacted by energy transitions.
"By signing the Reimagining Electric Vehicles in Illinois Act 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," said Governor JB Pritzker.
"It's no secret that transportation is the leading source of climate pollution so we're incentivizing green economic development. It's good for business and it's the right thing to do. The Reimagining Electric Vehicles Act is about acknowledging there doesn't need to be a trade off between a cleaner environment and more jobs. We can do both, and today we take a giant leap forward in that quest."
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 permits for EV projects are streamlined. The legislation builds upon the administration's commitment to improving the state's infrastructure, by permitting the Illinois Department of Transportation (IDOT) to prioritize road projects that directly assist with locating an EV facility and the project's infrastructure needs.
With Illinois' nation leading climate legislation and REV now signed into law, the administration continues to recruit and support businesses that will create thousands of jobs in communities across Illinois.
Earlier this year, Governor Pritzker announced the creation of two new Manufacturing Training Academies in Illinois, including a first of its kind Electric Vehicle Energy Storage Manufacturing Training Academy which specializes in training the Illinois workforce for careers in the EV industry.
The administration continues to invite EV producers, EV specific parts manufacturers and charging station manufacturers to set up in Illinois and join companies such as Rivian and Lion Electric. ■