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REV Tax Credit
The Reimagine Electric Vehicles (REV) in Illinois Act will help make Illinois the best state in the nation to manufacture an EV and create thousands of jobs. EV manufacturer’s looking to move to or expand operations in Illinois will benefit from the incentives offered by the REV Act.
Who is Eligible?
Large EV Businesses
- Manufacturers with a $1.5B capital investment & creating greater than or equal to 500 jobs within 5 years.
- Component Parts Manufacturer with a $300M capital investment & creating greater than or equal to 150 jobs within 5 years.
- Manufacturers converting existing manufacturing to EV and EV components: ≥ 75 new jobs (or new jobs equivalent to 10% of statewide baseline for taxpayer, whichever is less) & $100M capital investment.
Small EV Businesses
- EV manufacturers, EV component part manufacturers, EV power supply equipment manufacturers): invest over $20M in capital investments & ≥ 50 new jobs within 4 years.
Types of Monetary Benefits
Tax Credits
- Up to 100% of Income Tax Withholding
- Up to 25% of eligible Training Costs
- Construction Jobs credit
Tax Exemptions
- Building Materials
- State utility tax for electricity and gas usage
- Telecom excise tax
- Investment credit on qualified property
- Potential for local property tax abatement
Qualitative Benefits
- EV Permitting Task Force: Fee and staffing analysis for IEPA, IDNR, and IDOT given EV business and EV charging station deployment needs for streamlined and expedited permitting. Recommendations by March 2022.
- IDOT MYP: Secretary may prioritize road projects that directly assist in the feasibility of locating an EV facility.
- Buy Illinois: 20% price preference for EVs built in Illinois for state procurements of EVs
- Revisions to PA-102-0232: Addresses non-labor issues with warranty repairs.
- Net Operating Losses: Carry forward extension from 12 years to 20 years.