Current through Register Vol. 48, No. 38, September 20, 2024
a)
Any taxpayer that (i) operates a business in Illinois or is planning to
locate a business within the State of Illinois and (ii) is engaged in
interstate or intrastate commerce for the purpose of manufacturing electric
vehicles, electric vehicle component parts, battery recycling and
reuse manufacturers or battery raw materials service providers,
electric vehicle power supply equipment, or renewable energy
manufacturers is an eligible business. [20 ILCS
686/10]
b)
In order to qualify for credits
under the REV Illinois Program, an Applicant must:
1)
for an electric vehicle
manufacturer:A)
make an
investment of at least $1,500,000,000 in capital improvements at the project
site;
B)
to be
placed in service within the State within a 60-month period after approval of
the application; and
C)
create at least 500 new full-time employee jobs; or
2)
for an electric vehicle
component parts manufacturer or
a renewable energy
manufacturer
:A)
make
an investment of at least $300,000,000 in capital improvements at the project
site;
B)
manufacture one or more parts that are primarily used for electric
vehicle manufacturing or renewable energy manufacturing.
C)
to be placed in service within the
State within a 60-month period after approval of the application;
and
D)
create at
least 150 new full-time employee jobs; or
3)
for an electric vehicle
manufacturer, an
electric vehicle power supply equipment
manufacturer, an electric vehicle component parts manufacturer, or a
renewable energy manufacturer
that does not qualify under
subsection (b)(2), a battery recycling and reuse manufacturer, or a battery raw
materials refining service provider:
A)
make an investment of at least $2,500,000 in capital improvements at
the project site;
B)
for electric vehicle component part manufacturers, manufacture one or
more parts that are primarily used for electric vehicle manufacturing
or renewable energy manufacturing;
C)
to be placed in service within the
State within a 48-month period after approval of the application;
and
D)
create at
least 50 new full-time employee jobs or equivalent to 10% of global
employment of the taxpayer; or
4)
for an electric vehicle
manufacturer, an electric vehicle component parts manufacturer, or a renewable
energy manufacturer with existing operations within Illinois that 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:A)
make an
investment of at least $100,000,000 in capital improvements at the project
site;
B)
to be
placed in service within the State within a 60-month period after approval of
the application; and
C)
create the lesser of 50 new full-time employee jobs or
new full-time employee jobs equivalent to 10% of the statewide baseline
applicable to the taxpayer and any related member at the time of
application.
c)
For any applicant creating the
full-time employee jobs noted in subsection (b),
applicants shall receive credit for those jobs with
compensation equal to or greater than 120% of the average wage paid to
full-time employees in a similar position within an occupational group
in the county where the project is located, and the Department
shall utilize the occupational group data provided by the U.S. Bureau
of Labor Statistics, the Illinois Department of Employment Security or
other reliable data source.
d)
For any applicant, within 24
months after being placed in service, it must certify to the Department that it
is carbon neutral or has attained certification under one of more of the
following green building standards:
1)
BREEAM for New Construction or
BREEAM In-Use;
2)
ENERGY STAR;
3)
Envision;
4)
ISO 50001 - energy management;
5)
LEED for Building Design and
Construction or LEED for Building Operations and
Maintenance;
6)
Green Globes for New Construction or Green Globes for Existing
Buildings; or
7)
UL 3223. REV Illinois Program; Project Applications.
[20 ILCS
686/20]
