On Nov. 16, the Governor signed a new law that will build on Illinois’ strengths in the burgeoning electric vehicle manufacturing industry by providing strong incentives for electric vehicle production across the state.
House Bill 1769 creates the Reimagining Electric Vehicles in Illinois Act. It lays out a series a tax incentives for electric vehicle manufacturers and electric vehicle component parts manufacturers. The new incentives will help build electric vehicle production facilities, train Illinois graduates, and create thousands of jobs.
Senate Republican Leader Dan McConchie was instrumental in negotiating the bill to include a provision that would provide great potential tax savings to not just auto manufacturers but companies in every business sector. By allowing businesses to carry forward any net operating losses for 20 taxable years, these negotiated tax law changes will give all businesses in Illinois more flexibility to deal with the economic realities of the past 18 months and beyond. For many companies, these tax savings will be extremely significant.
Approved by a 55-0 vote of the Senate on Oct. 28 and a 110-2 vote of the House on Oct. 28, House Bill 1769 is an example of what lawmakers can accomplish when they work together for the best interests of Illinoisans.
To learn more about the REV Illinois Program, please visit the Department of Commerce and Economic Opportunity website at https://www2.illinois.gov/dceo/businesshelp/REV/Pages/default.aspx