Illinois General Assembly - Bill Status for SB2576
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 Bill Status of SB2576  103rd General Assembly

Short Description:  REV ILLINOIS PROGRAM

Senate Sponsors
Sen. Christopher Belt - Erica Harriss

Last Action
DateChamber Action
  5/8/2023SenateReferred to Assignments

Statutes Amended In Order of Appearance
20 ILCS 686/20
20 ILCS 686/30
20 ILCS 686/40
20 ILCS 686/45

Synopsis As Introduced
Amends the Reimagining Energy and Vehicles in Illinois Act. Provides that, if the agreement is entered into on or after the effective date of the amendatory Act and before June 1, 2024 and the applicant (i) is an electric vehicle manufacturer, an electric vehicle component parts manufacturer, or a renewable energy manufacturer or (ii) has existing operations within Illinois that the applicant intends to convert or expand, in whole or in part, from traditional manufacturing to electric vehicle manufacturing, electric vehicle component parts manufacturing, renewable energy manufacturing, or electric vehicle power supply equipment manufacturing, then the applicant must (A) make an investment of at least $500,000,000 in capital improvements at the project site to be placed in service within the State within a 60-month period after approval of the application and (B) retain at least 800 full-time employee jobs in Illinois. Provides that, with respect to those agreements, a taxpayer may receive a tax credit not to exceed 75% of the incremental income tax attributable to retained employees at the applicant's project, except that, if the project is in an underserved area or an energy transition area, then the maximum amount of the credit attributable to retained employees for the applicant may be increased to an amount not to exceed 100% of the incremental income tax attributable to retained employees at the applicant's project. Effective immediately.

DateChamber Action
  5/8/2023SenateFiled with Secretary by Sen. Christopher Belt
  5/8/2023SenateFirst Reading
  5/8/2023SenateReferred to Assignments
  5/10/2023SenateAdded as Chief Co-Sponsor Sen. Erica Harriss

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