State Representative Amy Elik’s legislative proposal aimed at retaining electric vehicle component manufacturing jobs in Illinois was approved by the Illinois General Assembly.
“My proposal is another tool for Illinois to help incentivize large employers from leaving our state due to other states’ tax breaks,” said Rep. Elik. “This update to the Reimagining Electric Vehicles (REV) Act could help retain jobs at large employers throughout Illinois.”
State Representative Amy Elik’s original language included in HB 4064 has been included in the revenue omnibus bill (SB 1963) now approved by the legislature, and goes to the Governor for signature. The proposal offers tax incentives to businesses currently operating in the state if the business plans to convert or expand as an electric vehicle manufacturer, an electric vehicle component parts manufacturer, or a renewable energy manufacturer. If the manufacturer employs at least 800 people and invests at least $500 million in capital improvements, then the Illinois manufacturer would be eligible for REV tax credits ranging from 75%-100% of the incremental income tax attributable to retained employees at the applicant’s project.
Stay up to date on news and legislative action in the Illinois House of Representatives by visiting RepElik.com or contact State Representative Amy Elik’s district office in Alton at 618-433-8046.