Pritzker signs amendments to Illinois' Reimagining Electric Vehicles Act

[December 22, 2022]  By Andrew Hensel | The Center Square

(The Center Square) – Gov. J.B. Pritzker signed a bill with amendments to the Reimagining Electric Vehicles in Illinois Act that offers tax incentives to EV manufacturers.

A Rivian electric truck.
Photo: [e-mail]

The state's REV Act aims to make Illinois a hub for EV and auto battery production. The amendment allows for the issuance of a tax credit to Illinois automakers that retain employees as they transition to EV production.

"Here in Illinois, we are leading the electric vehicle revolution," Pritzker said. "Today's REV amendment signing sends a clear message to EV manufacturers that we are the best place in the nation to call home, thanks to our competitive incentives and ambitious clean energy goals."

In an effort to reduce use of fossil fuels, Pritzker's goal is 1 million EVs on Illinois roads by 2030.

Mark Denzler, president & CEO of the Illinois Manufacturers' Association, said this measure is an attempt to make Illinois more attractive to EV companies.

"States are competing against each other on a daily and weekly basis to attract new auto manufacturers, battery manufacturers," Denzler told The Center Square. "So it is important that Illinois puts its best foot forward."

Denzler also said that Wednesday's bill signing will allow Illinois to compete with other states for companies that are looking for a new home.

"We are continuing to work with the administration and manufacturers who are looking to locate in Illinois, and I think that the changes made today make Illinois more competitive," Denzler said.

Pritzker said the state has shown why some companies have picked Illinois for their next location.

"It's no wonder that companies like Lion Electric, TCCI, and Rivian have expanded their footprints throughout our state, and I look forward to welcoming more EV businesses to Illinois in the coming years," Pritzker said.

According to the state's news release, the tax credit available to Illinois car manufacturers that retain employees as they switch to EV production is increased to 75% of their state income tax. That rate would increase to 100% of their income tax if the company operates in an "Underserved or Energy Transition Area."

Andrew Hensel has years of experience as a reporter and pre-game host for the Joliet Slammers, and as a producer for the Windy City Bulls. A graduate of Iowa Wesleyan University and Illinois Media School, Andrew lives in the south suburbs of Chicago.